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

Thanks