Algebra involves the use of symbols to represent numbers or quantities and to express relationships, using mathematical models and applications. Knowledge of algebra enables the modelling of a problem conceptually so that it is simpler to solve. The study of algebra is important in developing students’ reasoning skills and logical thought processes, as well as their ability to represent and solve problems.
Measurement involves the application of knowledge, skills and understanding of numbers and geometry to quantify and solve problems in practical situations. Knowledge of measurement enables the completion of daily tasks such as making time estimations, measuring medicine, finding weights and understanding areas of materials or substances. The study of measurement is important in developing students’ ability to make reasonable estimates for quantities, apply appropriate levels of accuracy to particular situations, and apply understanding of aspects of measurement such as length, area, volume and similarity to a variety of problems.
Financial Mathematics involves the application of knowledge, skills and understanding of numbers to earning, spending, investing, saving and borrowing money. Knowledge of financial mathematics enables students to analyse different financial situations, calculate the best options for given circumstances, and solve financial problems. The study of financial mathematics is important in developing students’ ability to make informed financial decisions, to be aware of the consequences of such decisions, and manage personal financial resources effectively.
Statistical Analysis involves the collection, exploration, display, analysis and interpretation of data to identify and communicate key information. Knowledge of statistical analysis enables the careful interpretation of situations and raises awareness of contributing factors when presented with information by third parties, including the possible misrepresentation of information. The study of statistics is important in developing students’ understanding of the contribution that statistical
thinking makes to decision-making in society and in the professional and personal lives of individuals.
source – NSW Education Standards Authority