Business Mathematics

Business Mathematics I & II Syed M Irfan Assistant Professor irfansyed36@yahoo.com

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 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.

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 Reading Assignment

Chapter 1 Exercise 1.1, 1.2,1.3, 1.4, 1.5

Week 1

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 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 3

Continue
n-variable systems selected applications solving system of equations using TOOL KIT Linear Algebra software (free Available)

Week 4

Solving problems using algebra toolkit More than 4 variables Chapter 4 Exercise 4.1, 4.2, 4.3 Chapter 5 Exercise 5.1,5.2,5.3 Chapter 9 9.1,9.2,9.3,9.4

Linear

Week 5

Mathematical Functions Function and their types Graph of the functions Domain and ranges Linear Functions Applications Linear cost function, revenue function, profit function, Break even model Matrix Algebra Matrices and their types, Algebra of matrices Determinant and Inverse of a matrix Practical applications in business Quadratic And Polynomials Functions Quadratic Functions and their Characteristics Polynomial and Rational Functions Applications

Week 6

Week 7

Week 8

Chapter 6 Exercise 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. Mathematics of Finance Week 10 Interest and Payments Interest and its Computation Payment Computation Annuities Annuities and their Future values Annuities and their Present values Cost-Benefits Analysis Bonds And Sinking Funds Net present values Permutations and Combinations Basic Probability Concepts Review Chapter 8 Exercise 8.1,8.2, Exercise 8.3,8.4, Chapter 7 Exercise 7.2 and selected questions from Additional Exercise.

Week 11

Exercise 8.5. Solving problems using MS EXCEL Chapter 13 Exercise 13.1. 13.2 Exercise 13.3

Week 12 Week 13 Week 14 Week 15

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 Theory and Problems By: P. C. Tulsian and Vishal Pandey (Pearson Practices Series)

Computer Software
TORA Excel Solver Win QSB

Course Outline
Weeks Linear Programming Introduction Basic concepts Linear Programming Graphical Solutions Week 2

Topic of Lecture

Reading Assignment Chapter 10 Exercises 10.1, 10.2, 10.3 Practice Exercises Chapter 1 Tulsian Follow up Exercise Chapter 10 Practice Exercises Chapter 2 Tulsian

Week 1

Applications of Linear Programming Solving LP problems using Win QSB, Microsoft Excel (Add in Solver) and AMPL

Week 3,4

SIMPLEX Method Simplex Preliminaries The Simplex method Special Phenomena Computer solution methods Dual Problem
Transportation and Assignment Models The transportation Model Solution of transportation Model North west Corner Method, The assignment model and solution Critical Path Method (CPM) PERT Solving Problems Using Software

Exercise 11.1, 11.2, 11.3, Follow up exercise Solving Problems using QSB Practice Exercises Chapter 3 Tulsian

Software Win

Week 5,6

Exercise 12.1, 12.2 , Follow up Exercise Practice Exercises Chapter 4,5 Tulsian

Week 7

Practice Exercises Chapter 6,7 Tulsian

Continue
Week 8 Week 9 Differentiation Limits Average rate of change The Derivative Rules of differentiation Additional Rules of differentiation Instantaneous rate of change interpretation Higher order derivative Optimization Maxima and Minima function, Curve sketching Restricted domain considerations Applications of Optimization Revenue, Cost and Profit applications Additional applications Integration Anti-derivatives Rules of Integration Additional rules of Integration

Review

Chapter 15 Exercise 15.1,15.2, 15.3

Exercise 15.4, 15.5, 15.6, 15.7

Week 10

Chapter 16 Exercise 16.1, 16.2,16.3

Week 11

Chapter 17 Exercise 17.1, 17.2

Chapter 18 18.1, 18.2.

Week 12

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, 18.5 19.1

Week 15

Thanks