Business Mathematics Business Mathematics I & II Syed M Irfan Assistant Professor
[email protected]
Why to study this course
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
What to do
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 course provides them basis basis for real understandin understanding g 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.
Business Mathematics I
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.
Text books and Reference books
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)
Computer Software
Microsoft Excel Tool Kit Liner Algebra
Course outline Weeks
Topic of Lecture Introduction to Business Mathematics & Algebraic Review First/ Second Degree Equations in one variable Inequalities Absolute Values Rectangular coordinate system
Chapter 1 Exercise 1.1, 1.2,1.3, 1.4, 1.5
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 2 Exercise 2.1,2.2,2.3, 2.4, 2.5
System Of Linear Equations & their Solution Two variable Solving system of equations using elimination Solving system of equations using Gaussian elimination method
Chapter 3 Exercise 3.1, 3.2, 3.3, 3.4
Week 1
Week 2
Week 3
Reading Assignment
Continue
Week 4
Week 5
Week 6
Week 7
Solving problems using algebra toolkit More than 4 variables
Mathematical Functions Function and their types Graph of the functions Domain and ranges
Chapter 4 Exercise 4.1, 4.2, 4.3
Linear Functions Applications Linear cost function, revenue function, profit function, Break even model
Chapter 5 Exercise 5.1,5.2,5.3
Matrix Algebra Matrices and their types, Algebra of matrices Determinant and Inverse of a matrix Practical applications in business
Chapter 9 9.1,9.2,9.3,9.4
Quadratic And Polynomials Functions Quadratic Functions and their Characteristics Characteristics Polynomial and Rational Functions Applications
Chapter 6 Exercise 6.1,6.2,6.3
Week 8
n-variable systems selected applications solving system of equations using TOOL KIT Linear Algebra software (free Available)
Linear
Continue Week 9
Exponential And Algorithmic Functions Characteristics Characterist ics of Exponential Functions Base-e Exponential Function Conversion to Base-e Functions Application of Exponential Functions.
Chapter 7 Exercise 7.2 and selected questions from Additional Exercise.
Mathematics of Finance Week 10
Interest and Payments Interest and its Computation Payment Computation
Chapter 8 Exercise 8.1,8.2, Exercise 8.3,8.4,
Week 11
Annuities Annuities and their Future values Annuities and their Present values
Exercise 8.5. Solving problems using MS EXCEL
Week 12
Cost-Benefits Analysis Bonds And Sinking Funds Net present values
Week 13
Permutations and Combinations
Chapter 13 Exercise 13.1. 13.2
Week 14
Basic Probability Concepts
Exercise 13.3
Week 15
Review
Business Mathematics II
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
Text books
Applied Mathematics for Business, Economics, and the Social Sciences By Frank S. Budnick Fourth Edition (MC Graw Hill, Inc. 1993 ) Quantitative Techniques Techniques Theory and Problems By: P. C. Tulsian Tulsian and Vishal Pandey (Pearson (Pearso n Practices Series)
Computer Software
TORA Excel Solver Win QSB
Course Outline Weeks
Week 1
Topic of Lecture Linear Programming Introduction Basic concepts Linear Programming Graphical Solutions
SIMPLEX Method Simplex Preliminaries The Simplex method Special Phenomena Computer solution methods Dual Problem
Exercise 11.1, 11.2, 11.3, Follow up exercise Solving Problems using QSB Practice Exercises Chapter 3 Tulsian
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 Exercise Practice Exercises Chapter 4,5 Tulsian
Week 2
Week 3,4
Week 5,6
Week 7
Chapter 10 Exercises 10.1, 10.2, 10.3 Practice Exercises Chapter 1 Tulsian Follow up Exercise Chapter 10 Practice Exercises Chapter 2 Tulsian
Applications of Linear Programming Solving LP problems using Win QSB, Microsoft Excel (Add in Solver) and AMPL
Reading Assignment
Critical Path Method (CPM) PERT Solving Problems Using Software
Practice Exercises Chapter 6,7 Tulsian
Software Win
Continue Week 8
Week 9
Week 10
Week 11
Week 12
Differentiation Limits Average rate of change The Derivative Rules of differentiation Additional Rules of differentiation Instantaneous rate of change interpretation Higher order derivative
Chapter 15 Exercise 15.1,15.2, 15.3
Optimization Maxima and Minima function, Curve sketching Restricted domain considerations Applications of Optimization Revenue, Cost and Profit applications Additional applications
Chapter 16 Exercise 16.1, 16.2,16.3
Integration Anti-derivatives Rules of Integration Additional rules of Integration
Chapter 18 18.1, 18.2.
Week 13,14
Week 15
Review
Other techniques of Integrations Intro to differential equation Developing Population growth and decay models using differential equations Definite integral
Exercise 15.4, 15.5, 15.6, 15.7
Chapter 17 Exercise 17.1, 17.2
18.3, 18.4, 18.5 19.1
Thanks
