Business mathematics consists of a set of mathematical and statistical tools that can be used for the fulfillment of one or more objective of a businesslike the maximization of out or sales, maximization of profits, minimization of cost etc. These tools are often known as quantitative techniques.

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Main features of quantitative techniques

  1. Every management problem can be represented by one or more equations with the help of certain symbols. These symbols denote relevant variables and constants of the problems.
  2. The solution of the model is obtained by the application of one or more techniques from the set of quantitative techniques.
  3. The quantitative techniques take care of the policies and capacities of different departments and hence avoid the occurrence of any contradiction between them.
  4. This is interdisciplinary approach to problem solving.
  5. These techniques attempt to analyze the business problem in actual working environment which often differ from the ideal conditions assumed in mathematics, economics and other disciplines.

 

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