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Business MathematicsBusiness Mathematics I & II
Strong Mathematical skills to solve the business related issues and to become a successful manager
Developing mathematical models either from a given business scenario or from physical phenomenon
Management students require mathematical skills to identify the type of model and appropriate mathematical tools to solve these problems
Why to study this course
Keeping in view the demand of management students, this course is specifically design for BS management student after a brainstorming session with the management faculty members
This course provides them basis for real understanding of management subjects studied in the coming semesters especially, Project Management, Supply Chain Management, Operations Management, Accounting and Finance etc.
This course will enable them to develop simple mathematical models and to optimize them by using mathematical tools.
What to do
This course includes: Equations, Inequalities, solving Equations, inequalities, system of linear equation, Functions and its types, Applications of linear, quadratic, cubic, exponential, and logarithmic functions. Matrices and its applications, Financial mathematics, permutations, combinations and basic probability concepts.
Business Mathematics I
Applied Mathematics for Business, Economics, and the Social Sciences By Frank S. Budnick Fourth Edition (MC Graw Hill, Inc. 1993 )
Reference Book Finite Mathematics and its applications By:
Larry J. Goldstein Sixth Edition (Prentice Hall1 1998)
Text books and Reference books
Microsoft Excel Tool Kit Liner Algebra
Computer Software
Weeks Topic of Lecture Reading Assignment
Week 1
Introduction to Business Mathematics & Algebraic Review First/ Second Degree Equations in one variable Inequalities Absolute Values Rectangular coordinate system
Chapter 1Exercise 1.1, 1.2,1.3, 1.4, 1.5
Week 2
Linear Equations & their Graphical Characteristic General forms Representations using linear equations Linear equations in n-variables Graphing two variable equations Intercepts Slope and equation of straight line
Chapter 2Exercise 2.1,2.2,2.3, 2.4, 2.5
Week 3
System Of Linear Equations & their Solution Two variable Solving system of equations using elimination Solving system of equations using Gaussian elimination method
Chapter 3Exercise 3.1, 3.2, 3.3, 3.4
Course outline
Week 4
n-variable systems selected applications solving system of equations using TOOL KIT Linear Algebra
software (free Available)
Solving problems using Linear algebra toolkit More than 4 variables
Week 5
Mathematical Functions Function and their types Graph of the functions Domain and ranges
Chapter 4Exercise 4.1, 4.2, 4.3
Week 6
Linear Functions Applications Linear cost function, revenue function, profit function, Break even model
Chapter 5Exercise 5.1,5.2,5.3
Week 7
Matrix Algebra Matrices and their types, Algebra of matrices Determinant and Inverse of a matrix Practical applications in business
Chapter 99.1,9.2,9.3,9.4
Week 8
Quadratic And Polynomials Functions Quadratic Functions and their Characteristics Polynomial and Rational Functions Applications
Chapter 6Exercise 6.1,6.2,6.3
Continue
Week 9
Exponential And Algorithmic Functions Characteristics of Exponential Functions Base-e Exponential Function Conversion to Base-e Functions Application of Exponential Functions.
Chapter 7Exercise 7.2 and selected questions from Additional Exercise.
Mathematics of Finance
Week 10
Interest and Payments Interest and its Computation Payment Computation
Chapter 8Exercise 8.1,8.2,
Week 11
Annuities Annuities and their Future values Annuities and their Present values
Exercise 8.3,8.4,
Week 12
Cost-Benefits Analysis Bonds And Sinking Funds Net present values
Exercise 8.5.Solving problems using MS EXCEL
Week 13 Permutations and Combinations Chapter 13Exercise 13.1. 13.2
Week 14 Basic Probability Concepts Exercise 13.3
Week 15 Review
Continue
Major objective of this course is to develop skills how to optimize the problems
Development of mathematical models Optimize these models using Linear
Programming and calculus concepts
Business Mathematics II
Applied Mathematics for Business, Economics, and the Social Sciences By Frank S. Budnick Fourth Edition (MC Graw Hill, Inc. 1993 )
Quantitative Techniques Theory and Problems By: P. C. Tulsian and Vishal Pandey (Pearson Practices Series)
Text books
TORA Excel Solver Win QSB
Computer Software
Course OutlineWeeks Topic of Lecture Reading Assignment
Week 1
Linear Programming Introduction Basic concepts Linear Programming Graphical Solutions
Chapter 10Exercises10.1, 10.2, 10.3 Practice ExercisesChapter 1 Tulsian
Week 2
Applications of Linear Programming Solving LP problems using Win QSB, Microsoft Excel (Add in Solver)
and AMPL
Follow up Exercise Chapter 10Practice ExercisesChapter 2 Tulsian
Week 3,4
SIMPLEX Method Simplex Preliminaries The Simplex method Special Phenomena Computer solution methods Dual Problem
Exercise 11.1, 11.2, 11.3, Follow up exerciseSolving Problems using Software Win QSBPractice ExercisesChapter 3 Tulsian
Week 5,6
Transportation and Assignment Models The transportation Model Solution of transportation Model North west Corner Method, The assignment model and solution
Exercise 12.1, 12.2 , Follow up ExercisePractice ExercisesChapter 4,5 Tulsian
Week 7
Critical Path Method (CPM) PERT Solving Problems Using Software
Practice ExercisesChapter 6,7 Tulsian
Week 8
Differentiation Limits Average rate of change The Derivative Rules of differentiation
Chapter 15Exercise 15.1,15.2, 15.3
Week 9
Additional Rules of differentiation Instantaneous rate of change interpretation Higher order derivative
Exercise 15.4, 15.5, 15.6, 15.7
Week 10
Optimization Maxima and Minima function, Curve sketching Restricted domain considerations
Chapter 16Exercise 16.1, 16.2,16.3
Week 11
Applications of Optimization Revenue, Cost and Profit applications Additional applications
Chapter 17Exercise 17.1, 17.2
Week 12
Integration Anti-derivatives Rules of Integration Additional rules of Integration
Chapter 1818.1, 18.2.
Week 13,14
Other techniques of Integrations Intro to differential equation Developing Population growth and decay models using differential
equations Definite integral
18.3, 18.4, 18.519.1
Week 15 Review
Continue
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