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Course Outline Math MGT

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Course Outline Math MGT

Uploaded by

Filmon
Copyright
© © All Rights Reserved
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Course Code BMgt 3071

Course Title Mathematics for Management/Finance


Program BA Degree in ACFN, MGT and MKT
Credit Hours 3
Course Description This course is designed to expose management students to the basic
concepts and area of managerial application of mathematics. Topics
include: linear equations and their applications, matrix algebra and its
applications, Markov chain analysis and input output analysis, linear
programming, mathematics of finance, elements 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 problems
 Know the way these mathematical techniques are utilized
 Appreciate the importance of mathematics in solving real world
business problems
 Use different mathematical techniques for supporting managerial
Decisions
Prerequisites No prerequisite
Delivery Time 1stYear, Semester I
Status of the Course Core
Teaching Learning Lecture, group discussion, problem solving, worksheet exercise,
Methods individual and group reflections, tutorials.

COURSE CONTENTS

CHAPTER 1- LINEAR EQUATIONS AND THEIR INTERPRETATIVE


APPLICATIONS (9 hours)
1.1. Linear Equations, Functions and Graphs
1.2. Characteristics of linear equation
1.3. Applications of Linear Equations
1.3.1. Linear Cost Output Relations, Variable Cost, Fixed Cost, Total Cost, Average
Cost, Marginal cost, Total
1.3.2. Revenue, and Total Profit
1.3.3. Break Even Analysis: Model and Solutions
CHAPTER 2 - MATRIX ALGEBRA AND ITS APPLICATIONS (9 hours)
2.1. Matrix Concepts
2.2. Dimensions and Types of Matrix
2.3. Matrix Operations and Techniques
2.4. Inverse of a Matrix
2.5. Matrix Applications
2.5.1. Solving Systems of Linear Equations
2.5.2. Markov Chains: Concepts, Models and Solutions
CHAPTER 3-ELEMENTS AND APPLICATIONS OF CALCULUS (10 hours)
3.1. Differential Calculus
3.1.1. Concept
3.1.2. Rules of Differentiation
3.1.3. First and Second Derivative for Extreme
3.1.4. Business Application of Differential Calculus
3.1.4.1. Marginal Analysis
3.1.4.2. Optimization Problems
3.2. Integral Calculus
3.2.1. Concept
3.2.2. Indefinite and Definite Integration
3.2.3. Rules of Integration
3.2.4. Business Applications of Integral calculus
3.2.4.1. Finding Total functions
3.2.4.2. Area problems
CHAPTER 4 - INTRODUCTION TO LINEAR PROGRAMMING(10 hours)
4.1. Concepts
4.2. Formulation of Linear Programming Models
4.2.1. The Maximization Problem
4.2.2. The Minimization Problem
4.3. Graphic method of Linear Programming Problem
CHAPTER 5 - MATHEMATICS OF FINANCE (10 hours)
5.1. Overview of exponential and logarithmic functions
5.2. Simple Interest and Discount: Computing Simple Interest
5.3. Compound Interest
5.3.1. Compound Amount (Maturity Value)
5.3.2. Present Value (Principal) of Compound Amount
5.4. Nominal and Effective Interest Rate
5.5. Ordinary Annuities
5.5.1. Sum of Ordinary Annuity
5.5.2. Sinking Fund Payments
5.5.3. Present Value of Ordinary Annuity
5.5.4. Amortization
5.5.5. Mortgage Payments
Assessment Methods Points
Test 1 10
Test 2 10
Quiz 5
Assignment (Individual and Group) 15
Class activity and Participation 10
Final Exam 50
Total Points 100
Text:
 Bowen Earl K et. Al, Mathematics with applications in Business and Economics,
1987.

References:
 Barnett Raymond A. and Ziegler Michael R, Essentials of College Mathematics for
business and Economics, life science and social science, 3rded., 1989
 Ann j. Hughes, Applied Mathematics: For Business, Economics, and the social
Science, 1983.
 Ronald E. Larson and Bruce H. Edwards, Finite Mathematics with Calculus, 1991
 Ronald J. Harshbager and James J. Reynolds, Mathematics Applications.
 Ronald J. Harshbager and James J. Reynolds, Finite Mathematics, 3rdEd.
 Hole Poul G., Finite Mathematics and Calculus with Applications to Business, 1974.
 Dexter j Booth and John K Turner, Business mathematics with Statistics, 1996,
 Teresa Bradley and Paul Patton, “Essential Mathematics for Economics and
Business’, Jon Wiley and Sons, December 1999.

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