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APPLICATION OF BUSINESS MATHEMATICS IN THE FIELD OF MANAGEMENT & ECONOMICS 
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M. Samiul Islam Roll: 05 Class: MBA 44D Section: A 

  

 

 



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Mr. Asad-uz-Zaman Lecturer, IBA-DU.

Submission date: 04.02.2010

. Institute of Business Administration, Dhaka University
The study of Business Mathematicsenables an individual to develop basic math skills and its relevance to everyday applications of business and management. These skills encompass the

y Probability theories can be used to solve stochastic problems that commonly occur in decision making situations. function sets. differential and integral calculus. A foundation of basic mathematicalprocedures can be built by using number relationships and operations as well as identifying patterns. y The logarithmic and exponential functions describes the phenomena of growth like the growth of population. revenue. logarithm limit. epidemics. money etc. linear and non-linear inequalities. oil industry operations. functions and algebraic equations for different business scenario. analyze and interpret data. number fields. It includes elements of algebra. It would also demonstrate a developmental approach to the acquisition of computations skills. contamination. demand. y Linear programming and matrix plays an important role in optimizing production program. matrix and linear programming. Generally. y A system of linear equation or linear inequalities can be used to model diversified economic and business program. Furthermore. y Differential and integral calculus allows investigating specific properties of function in cost. and apply sound decisionmaking skills in helping business professionals to fulfill their future roles as successful managers and entrepreneurs. and a variety of other areas. scheduling of complex tasks such as building a shopping center. In addition professionals would be able to analyze data to solve business/consumer-related problems. business mathematics covers a wide variety of mathematical tools and concepts useful for taking proper business decision.ability to solve mathematical problems. analytical geometry. quality control. production or utility like the maximization of profit. warehouse location. minimization of cost and the determination of an optimal management strategy for inventory. profit. Linear algebra is also used in economics and econometrics. agriculture. purchasing decisions. the application of business mathematics can also be applied in inventory control. It was also coupled with innovative application of the rapidly evolving electronic computer and 2|Pa g e .

G. Thus. F. (1994). Mathematics of Economics and Business. J. New York: Routledge. (2006). D. & Saber. 3|Pa g e . Y. & Sotskov. In recent times. List of References: 1. C.. 2..was directed toward business management problems. Boston: IRWIN. Several mathematical tools are frequently needed by the business and economic student.It is indeed necessary to know a lot of results of higher mathematicsto understand the current economic literature and to use modern economic tools in practicaleconomics and business. a firm understanding of mathematics is essential for any business student. Mathematics with application in management and Economics. it leads to the derivation of many management decisions and solutions. Werner. Prichett. N.

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