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Course Outlne Math Business

This 3 credit hour course introduces mathematics concepts and techniques used to solve business problems. Topics include linear equations, matrix algebra, Markov chains, linear programming, mathematics of finance, and calculus. The course objectives are for students to differentiate mathematical techniques, understand their business applications, appreciate mathematics' importance in decision making, and use techniques like linear equations, matrix algebra, and calculus to support decisions. The course outline presents 5 chapters covering these various mathematical concepts and applications in cost analysis, break even points, systems of equations, finance calculations, marginal analysis, and optimization.

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85 views2 pages

Course Outlne Math Business

This 3 credit hour course introduces mathematics concepts and techniques used to solve business problems. Topics include linear equations, matrix algebra, Markov chains, linear programming, mathematics of finance, and calculus. The course objectives are for students to differentiate mathematical techniques, understand their business applications, appreciate mathematics' importance in decision making, and use techniques like linear equations, matrix algebra, and calculus to support decisions. The course outline presents 5 chapters covering these various mathematical concepts and applications in cost analysis, break even points, systems of equations, finance calculations, marginal analysis, and optimization.

Uploaded by

Wadaad
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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Department of HRM and Leadership

Course Outline

Course title: Mathematics for management


Course code: HRML 342
Credit hours: 3

Course description
This course is designed to expose management students to the basic concepts and areas of
managerial application of mathematics. Topics include: linear equation and their application,
matrix algebra and its application, Markov chain analysis and input-output analysis, linear
programming, mathematics of finance, element and application of calculus.

Course objective
At the end of this course students will be able to:
Differentiate the various techniques of mathematics that can be employed in solving business
problem

Know the way these mathematical techniques utilized

Appreciate the importance of mathematics in solving real world business problem

Use different mathematical techniques for supporting managerial decision.

Course outline
Chapter -1 linear Equation and their interpretative application
1.1 linear equations, functions and graphs

1.2 application of linear equations

1.2.1 Application cost output relations, variables cost, fixed cost, total cost, average
cost, managerial cost, total revenue and total profit.

1.2.2 Break even analysis: model and equation

1.2.3 Market equilibrium analysis

Charer-2 matrix algebra and its application


2.1 matrix concept
2.2 dimension and type of matrix
2.3 Matrix equation and techniques
2.4 inverse of a matrix
2.5 matrix application
2.5.1 Solving system of linear equation
2.5.2 Markov chain: concepts, model and solution.
Chapter-3 introduction to linear programming
3.1 concepts
3.2 formulation of linear programming model
3.2.1 The maximization problem
3.2.2 The minimization problem
3.3 graphic model of linear programming problem
Chapter-4 mathematics of finance
4.1. overview of exponential and logarithmic function.
4.2. simple interest and discount
4.2.1. Computing simple interest
4.2.2. Promissory notes and bank discount
4.3. Compound interest
4.3.1. Maturity value
4.3.2. Present value
4.3.3. Nominal and effective interest rate
Chapter-5 elements and application of calculus
5.1 differential calculus
5.1.1 Concepts and rules of differentiation
5.1.2 First and second derivation for extreme
5.1.3 Business application of differential calculus
5.1.3.1 Marginal analysis
5.1.3.2 Optimization problem
5.2 integral calculus
5.2.1 Concepts
5.2.2 Indefinite and definite integrations
5.2.3 Rules of integrations
5.2.4 Business application of integral calculus
5.2.4.1 Finding total function
5.2.4.2 Area problem
References:
Barnett Raymond A. and Ziegle Michael R, essential of college mathematics for business and
economics, 3rd edition

Ann j. Hughes, applied mathematics: for business, economic and social science, 1983.

Ronald J. Larson and Bruce H. Edward, finite mathematics.

Ronald J. Harshbager and James J. Reynolds, mathematics application

Ronald J. Hershberger and James J. Reynolds, finite mathematics ,3 rd edition

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