ASSIGNMENT# 2

Mathematical models also are emerging within the biological and medical sciences.
Biologists have identified the body tissues and substances, which are involved during this
process, but the precise rules of the method, are only barely understood. an easy mathematical
model of the renal process shed some light on the formation of urine and on decisions made by
the kidney on whether, for instance, to excrete an outsized volume of diluted urine or a little
volume of concentrated urine.
 Mathematics in Agriculture:
Fertilizers are needed to reap products in optimum quantity. so as to supply optimum levels to
the plant of concern, you ought to know levels of elements available in your soil. Nitrogen and
phosphorus are two fertilizers that ought to be supplied by fertilizers. NH4 (ammonium ion) plus
NO3 (nitrate) increased wheat yields 7 to 47% in 14 studies. Animal manures and other sorts of
organic waste could also be important sources of nitrogen for optimum plant growth.
 Career in Business Mathematics
In addition to mathematical knowledge any person who wants to make their career in business
mathematics one needs to also have knowledge of subjects like economics, finance and business
management in order to open up many doors in this challenging field. As far the skills goes one
has to have good oral and written communication skills as business mathematicians need to work
on teams, collate research and be in contact with clients.
Since all corporations require managing their money and business many mathematicians find
employment in these fields. Mathematicians follow a logical thinking;follow a problem-solving
approach to business.
Companies hire mathematicians to work as the following:

 Actuaries
 Financial analysts
 Insurance underwriters
 Budget Analysts
 Market Research Analyst
 Securities Analyst

 Differential Game Method

In the modern financial theory, mathematics in the field of finance is another important
application is analyzed in option pricing and investment decision using differential game
method, and the application of this aspect has made remarkable achievements. Because the
whole law of financial market does not accord with the hypothesis of steady state, the abnormal
fluctuation of securities will lead to abnormal change in the process of abnormal fluctuation, and
this kind of change will not obey the Brown motion. At this point, we need to use stochastic
dynamic model to study and analyze the whole decision-making of securities investment. This
method is not only in theory or in practice, but also has a great deviation. The financial problems
and countermeasures by using the differential method to non-geometry in the financial field of
the Brown distribution has important use, not only can effectively relax this assumption can also
be uncertain disturbances become hostile to the illusion of hand. The stability (robustness) of the
strongest portfolio strategy can be obtained through the optimization analysis of the whole
uncertain problem.

 Stochastic Optimal Control Theory

In the mathematical application of the current financial theory, another important application
field is the use of mathematics to solve the stochastic problems in financial problems. The theory
of stochastic optimal control is an important method and means to solve the financial problems
with mathematical theory.
Stochastic optimal control is advanced in the development of the control theory gradually
developed, through the application of Behrman principle in combination optimization, measure
theory and functional analysis method of stochastic problem analysis. This method was formed
in the late 60s of the last century, and became mature gradually in the early 70s. From the
application of stochastic optimal control theory, the response of financial experts in this field is
very rapid. At the beginning of 70s, the finance research field which appeared a few articles
related to economics papers, including Merton (Merton) are discussed using the method of
continuous time consumption and portfolio, the portfolio analysis between them is more
consistent with the actual situation; and Brock (Brock) and Milliman (Mirman) in random
changes, using discrete time method of optimal economic growth are discussed. Subsequently,
the stochastic optimal control method has been applied in most financial fields.

 Role In Business
Mathematics is an important part of managing business. Business and mathematics go hand in
hand this is because business deals with money and money encompasses everything in itself.
There is a need for everyone to manage money as some point or the other to take decisions which
requires everyone to know mathematics. Business mathematics is used by commercial
enterprises to record and manage business operations.
 Role in Accounting:
Commercial organizations use mathematics in accounting, inventory management, marketing,
sales forecasting, and financial analysis. It helps you know the financial formulas, fractions;
measurements involved in interest calculation, hire rates, salary calculation, tax calculation etc.
which help complete business tasks efficiently. Business mathematics also includes statistics and
provides solution to business problems.

 Role in Physical Sciences:

Physical sciences like Physics and Chemistry uses a lot of mathematics. Physics deals with
projectiles, waves, circuits, and other topics. The subject is very important in engineering.
Chemistry also involves a lot of Mathematics as it works by using formula, equations, and
computations.

The applications of mathematics to science are simply ubiquitous, to say the least, and more so in
fields like physics, chemistry, and astronomy. As such students who find it hard to master basic
arithmetic skills might have an even harder time trying to read the scientific graphs and charts
that are used in the field of science.

 Production costs calculation

Before one formally starts production and establishes its business it is very important to estimate
the costs that would be incurred in relation to the manufacturing such as the cost of raw
materials, machinery, rent, administrative expenses etc. In addition to these basic expenses there
are other associated costs such as marketing, warehousing, interest and repayment of loans etc.
Once all he expenses relating to production have been included I would be easy to estimate the
profit from it to sustain and remain competitive in the market. Accurately determining the cost
associated with each item will make the base for the business strong.

 Price determination
When you have successfully determined the costs, the next task is to price the products correctly
so that it generates right amount of cash flows for future requirements of the business. Charging
the correct selling price would ensure that the product remains profitable.

 Profit Measurement
These require determining the net profit by subtracting the operating costs from the total amount
of sales/revenue during a period of time. What also needs to deducted are the tax, depreciation,
discount expenses. This helps to find out if the products are being charged enough to continue
the business operations and expand.