Chinhoyi University of Technology
School of Business Sciences and Management
Department of Business Management and Entrepreneurship
Academic Year
Course Title: Business Mathematics
Course Code: BMEB1205 (Proposed)
Course time allocation: 4 hours per week for Lectures and 1 hour weekly tutorials.
Instructor: Mr. S Makurumidze
Office: 07-11
Phone number: 0777 899413/0733 412 576
E-mail:
Consultation times: TBA
Recommended Textbooks
Title:Mathematics for Economics and Finance
Authors: Antony M. and Biggs N. (1996).
Edition: Fifth, Cambridge (England). Cambridge University Press
Title: Essential Mathematics for Economics and Business.
Authors: Bradley T. and Patton P. (1998).
Edition: Second, Chichester. John Wiley Sons.
Title:Fundamental Methods of Mathematical Economics
Author: Chiang A. C. (2005).
Edition: Fourth. McGraw-Hill International Editions. Singapore.
Title: Essential Mathematics for economics and Business
Author: Jacques I. (1992).
Edition: Wokingham (English). Addison-Wesley.
Title: Quantitative Methods for business Decisions
Author: Lapin L.L. (1987)
Edition: Second. Harcourt Brace Jovanovich. New York.
Title: Mathematics for Economics and Business.
Authors: Taylor R. and Hawkins S. (2008).
Edition: Fourth.London. McGraw Higher Education.
Title:Fundamental Methods of Mathematical Economics
Author: Wainwright C. (1984)
Edition: Second. Lisbon McGraw Hill.
Course synopsis
Business Mathematics BMEB1205
The course covers key mathematical concepts as applied in business management such as basic Algebra, matrices, arithmetic and geometric progression, Linear programming, Inventory Management models, Queuing models and Mathematics of Finance. The course will give students competence in these topics so that they are able to interpret and solve business word problems as well as developing simple mathematical models from a business perspective. The major emphasis is to improve the students’ quantitative skills necessary for making business decisions. At the end of the course, the students should be able to apply the mathematical concepts to solve business related problems in all areas of business management.
Learning Objectives
The key objectives of the course are:
- To provide mathematical concepts that have become indispensable for business decision making.
- To impart necessary skills of applying the mathematical concepts in business and administration issues.
- To provide a set of critical skills for analysis and assessment of business activities for decision making.
Learning Outcomes
- Work out some mathematical problems used in decision making.
- Apply the concepts in solving some business problems.
- Analyze and assess business activities and solving complex problems mathematically.
Course instruction
Lectures
Demonstrations
Discussions
Class exercises
Course Assessment
Coursework (5 tests) 30%
Final Examination 70%
TOTAL 100%
Course Coverage:
1.0Elements of Algebra
Real numbers
Coefficients, exponents and laws of exponents
Algebraic expressions
Factorization and expansions of polynomial expressions
2.0Linear Functions and applications
Solving simple and simultaneous equations
Translation of linear functions
Demand, supply, cost and revenue functions
Graphing equations to solve Cost – Volume – Profit analysis
Demand, supply and income elasticity
Budget and constraints
Equilibrium determination
3.0Non Linear Functions
Quadratic, cubic and other polynomial functions
Exponential functions
Logarithmic functions
4.0.Linear Programming
Linear Programming and business application
Linear inequalities to solve business problems (Calculating sales and profit targets)
Graphical & Simplex Method for Optimisation problems, construction & interpret
Two-dimensional linear programming.
5.0 Differentiation and Application
Slope of a curve and Differentiation
Application of marginal functions and average functions
Maximum and minimum points
Partial differentiation and application
6.0Integration and Application
Integration as opposite of differentiation
Definite Integral and area under a curve
Consumer and Producer surplus
7.0Matrices and Leontief input-output analysis
Matrix Operation, addition and multiplication of matrices
Determinants and inverse of an invertible matrix
Calculation of industrial production costs using matrix multiplication
Two- and three- industry input-output problems using matrix operations.
8.0Financial Mathematics
Principal, simple interest, compound interest and effective rate of interest
Multiple and Continuous compounding
Discounting
Future Value and Present Value, Annuities, amortization, sinking fund
9.0Break Even analysis
Cost revenue functions and the profit or loss
Computation and graphical analysis
10.0 Inventory Management
Simple inventory decisions
Multi period inventory management
EOQ model of inventory management
11.0 Queuing Theory
Structure of a queuing system
Exponential and Poisson processes
Single Server queuing model
Interpretation of queuing formulas
12.0 Network Planning
Concepts of PERT networks
Analysis of the PERT network
Project crashing
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