COURSE STRUCTURE

Course Code
Course Category Program Foundation
Semester I
Course Title Business Mathematics
Teaching Scheme and Credits L T Labor Credits
atory
Weekly load hours.
3 - - 3
Pre-requisites: This course requires students to have an understanding of basic concepts of
Mathematics.

Course Description:
The Business Mathematics course is designed to introduce students to the mathematical concepts
and applications necessary for successful business careers. Topics will include Matrices and
Determinants, L.P.P, Transportation Problem, and Permutation and Combination.
Course Objectives:
1) Knowledge:
1. To understand applications of matrices in business.
2. To understand the concept and application of Permutations & Combinations in business.
3. To understand use and application of computer (Excel) in calculations.
2. Skills:
1. To use the concept of L.P.P. and its applications in business.
2. To understand the concept of Transportation problems & their applications in the business
world.
3. To understand the use of computers in getting statistical solutions.
4. To inculcate the research culture among students.
3. Skills:
1. Analytical skills
2. Problem-solving attitude
Course Outcomes:
The student shall be able to:
CO1: understand the basic concepts of Mathematics useful in decision-making.
CO2: apply mathematical tools for decision-making.
CO3: analyze the available alternatives and select the best of them.
CO4: evaluate the plan for taking business decisions.
Course Contents:
Matrices and Determinants (up to order 3 only) (10 Sessions):
Multivariable data, Definition of a Matrix, Types of Matrices, Algebra of Matrices, Determinants,
Adjoint of a Matrix, Inverse of a Matrix via ad joint Matrix, Homogeneous System of Linear
equations, Condition for Uniqueness for the homogeneous system, Solution of Non-Homogeneous
System of Linear equations (not more than three variables), Condition for existence and uniqueness
of solution, Solution using inverse of the coefficient matrix, Numerical sums.

Permutations and Combinations (05 Sessions):

Permutations of ‘n’ dissimilar objects taken ‘r’ at a time (with or without repetition),
nPr = n! / (n-r)! (Without proof).
Combinations of ‘r’ objects taken from ‘n’ objects. nCr = n! / r! (n-r)! (Without proof),
Numerical sums with applications.

Linear Programming problem (L.P.P.) (12 Sessions):

Meaning of LPP, Formulation of LPP, Solution by graphical method, Simplex method, and Big M
method, problems relating to maximum of three variables only.

Transportation problem (T.P.) (08 Sessions):

Statement and meaning of T.P., Methods of finding an initial basic feasible solution by North-West.
corner Rule, Matrix Minimum method and Vogel’s approximation method, Simple numerical
problems (concept of degeneracy is not expected)

Use of Computer in Numerical Solutions (10 Sessions):

Solution of numerical sums using a computer for Unit I to Unit IV. (Use of MS Office).

Learning Resources:
Textbooks:
Bari. (n.d.). Business Mathematics. Mumbai: New Literature publishing company.
Hazarika, P. (2016). Business Mathematics. Delhi: Sultan Chand & sons.
Jain, D. A. (2016). Business Mathematics. Himalaya Publishing House.
Kapoor, V. (n.d.). Operations Research. Sultan Chand & sons.
Sharma, D. J. (n.d.). Operations Research. Sultan Chand & Sons.
Sharma, D. S. (n.d.). Operations Research. Sultan Chand & Sons.

Supplementary Reading:
Web Resources:
https://icmai.in/upload/Students/Syllabus-2012/Study_Material_New/Foundation-Paper4-
Revised.pdf
http://bcakinotes.weebly.com/business-mathematics.html
https://drive.google.com/file/d/12Lov2UOcu2XthuhoORjcJi9jPkdSLXfK/view
https://drive.google.com/file/d/1YPCpvRENOoC4-hFHCEeVbs8gFS9G682n/view
https://www.researchgate.net/publication/281838644_An_Introduction_to_Business_Mathematics