MATHEMATICAL MODELLING FOR MANAGEMENT DECISIONMAKING
Mathematics is the science of magnitude and number, and of alltheir relationships. Mathematics is being applied in almost all fields.Management is no exception. In fact there is a kind of mathematicism, that is,everything can be described in terms of mathematical terms i.e., numbers andsymbols. True.
1.1 MEASUREMENT AND MATHEMATICS
Yes, the world is moving towards becoming more and morequantitative. To be quantitative is to be more precise and pointed in what is being said or done. Measurement is fundamental aspect of being quantitative. Tomeasure means, to express the physical, biological, psychological, sociologicaland other observed phenomena in terms of numbers or symbols such that the phenomena measured bear the same relationship as do the used numbers or symbols have, inter se in terms of magnitude and other relations.The world of business has many phenomena and all these have to be measured for their management and manipulation. And recourse tomathematics is needed in the pursuit of such measurement. Hence the need for mathematics for management. There is a saying: one's knowledge is one-third if one can only speak on a topic, two-third if one can write in words and 100% if one can express in numbers. Mathematics the queen of sciences, thus has king'ssize applications in all walks of life.
1.2 MATHEMATICAL OPERATIONS
We know the basic mathematical operations, namely, addition,subtraction, multiplication and division. But many higher order manipulativemechanisms are available. We have differentiation, integration, programming,simulating, networking, gaming and other techniques which help in businessoptimisation, i.e., maximising revenue/sales/profit or minimising losses/costs/inputs, subject to constraints and conditions.