UBMSFSII.4 : BUSINESS MATHEMATICS [50 lectures : 3 Credit]

Course Objectives:

1. The objectives of the course are to enable students to learn and to have a good working practice of mathematical tools for taking appropriate decisions in managerial situations
1. The objective of this course is to provide primary knowledge regarding some Mathematical techniques to be used in managerial decision making.
1. All the concepts in the syllabus should be illustrated with examples from Management, Commerce and Economics
1. To enable the students to gain knowledge about the basic mathematical tools used in business and statistical techniques that facilitate comparison and analysis of business data.

 Unit Name of the Topic No. of lectures Unit I Elementary Financial Mathematics. 13 1)  Simple and Compound Interest: Interest compounded once a year, more than once a year, continuous, nominal and effective rate of interest. 2)  Annuity-Present and future value-sinking funds 3)  Depreciation of Assets: Equated Monthly Instalments (EMI)- using flat interest rate and reducing balance method. 4)  Functions: Algebraic functions and the functions used in business and economics, Break Even and Equilibrium point. 5) Permutation and Combination: (Simple problems to be solved with the calculator only) Unit II Matrices and Determinants. 12 1)  Matrices: Some important definitions and some important results. Matrix operation (Addition, scalar multiplication, matrix multiplication, transpose of a matrix) 2)  Determinants of a matrix of order two or three– properties and results of Determinants 3)  Solving a system of linear equations using Cramer’s rule 4)  Inverse of a Matrix (up to order three) using ad-joint of a matrix and matrix inversion method 5) Case study– Input Output Analysis Unit III Derivatives and applications of Derivatives 13 1)  Introduction and Concept– Derivatives of constant function, logarithmic functions, polynomial and exponential function

 2) Rules of derivatives: addition, multiplication, quotient 3) Second order derivatives 4) Application of Derivatives: Maxima, Minima, Average Cost and Marginal Cost. Total revenue, Marginal revenue, Average revenue. Average and Marginal profit. Price elasticity of demand Unit IV Numerical Analysis [Interpolation] 12 Introduction and concept – Finite differences – forward difference operator – Newton’s forward difference formula with simple examples Backward Difference Operator. Newton’s backward interpolation formula with simple examples.

Reference Books :

1. Mathematics for Economics and Finance, Martin Anthony, Norman Biggs, Cambridge lowprice editions, 2000.

1. Business Mathematics, D.C. Sancheti, V.K. Kapoor, Sultan Chand & Sons Publications, 2006.

1. Business Mathematics, J.K. Singh, 2009,Himalaya Publishing House.

1. Mathematics for Business and Economics, J.D. Gupta, P.K. Gupta, Man Mohan, Tata McGrawHill Publishing Company Ltd.

1. Mathematics of Finance 2nd Edition Schaum’s Outline Series Peter Zima, Robert Brows Tata McGrawHill Publishing Company Ltd

1. Business Mathematics by Dr. Amarnath Dikshit & Dr. Jinendra Kumar Jain.

1. Business Mathematics by Bari – New Literature publishing company, Mumbai

1. Mathematics for Economics and Business, RS Bhardwaj, 2010,Excel Books

1. Business Mathematics, Zameerudin, Qazi, V.K. Khanna & S.K. Bhambri, Vikas Publishing House Pvt. Ltd, New Delhi

(P.S. This post has been updated on 12th November 2014 as per the revised 2014-15 syllabus)

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