Course : Business Mathematics

Course Code : BMKT 11234

Credit Value : 4

Status : Compulsory

Level : Level 1

Semester : Semester I

Overall Learning Outcomes : At the end of the session students should be able to;

  1. identify mathematical terminologies from a business context, and develop & solve simple equations for business problems
  2. recognize non-linear functions and their solving methods under different business context
  3. describe matrices and apply matrix solution methods under multiple business issues
  4. illustrate business cases with pre-probability methods such as series/sequences/sets/permutation/combination
  5. identify basic rules of calculus to be used in business context
  6. apply calculus in solving maximization and elasticity
  7. solve financial mathematical issues under different business cases

Course Content         :

Topic No.

Topic

Learning Outcomes

Teaching

and

Learning Method

Method of Assessment

1

Mathematical Preliminaries

At the end of the session students should be able to;

  1. identify main branches of mathematics
  2. recognize basic mathematical terms (including; whole/counting/natural numbers, integers, power, root, place value, addition, subtract, product, quotient, index, mark-up, margin, markdown, ratios)
  3. apply the right sequence of mathematical notations using BODMAS
  4. recognize different number systems
  5. identify ‘Exponents’ and illustrate rules of exponents
  6. describe monomials, binomials, trinomials, polynomials, and polynomial reversal(factoring)
  7. identify different types of equations (including; linear and nonlinear) and their different expressions (general / point-slope / slope-intercept)
  8. recognize gradient, intercept, & intersect
  9. construct an equation using a rectangular coordinate system
  10. identify different types of equations as horizontal / vertical / coincident / parallel / intersecting
  11. construct mathematical modelling for basic business cases and solve
  12. solve simultaneous equations using elimination and/or substitution method

Ice-breaking activities

Lectures

Group assignment and presentation on reflective learning

End Semester Examination

2

Non-linear Functions & Applications

At the end of the session students should be able to;

  1. identify the importance of non-linear functions from a business context
  2. solve quadratic equations using ‘quadratic formula’, ‘factoring’, ‘completing the square’, and graphically
  3. recognize different types of functions (power / exponential / logarithmic)
  4. apply exponential functions with rate of growth or decay issues and solve such issues using exponential rules
  5. recognize logarithmic rules and their application in non-linear function solving
  6. use Binomial Theorem to solve non-linear functions

Lectures  Class room discussions

Group assignment and presentation on reflective learning

End Semester Examination

3

Matrices and Business Applications

At the end of the session students should be able to;

  1. describe a matrix from a business context and recognize different types of matrices including their transpose
  2. construct matrices via addition/subtraction, scalar /vector/full multiplication
  3. recognize identity and null matrices and their importance in solving simultaneous equations
  4. prepare simultaneous equations to an augmented matrix for the purpose of solving business issues
  5. solve matrices using Gaussian elimination method
  6. solve matrices using Cremer’s rule
  7. compare Gaussian elimination vs. Cremer’s rule with respect to multiple business issue solving

Lectures Class room discussions

Group assignment and presentation on reflective learning

End Semester Examination

4

Pre-probabilities

At the end of the session students should be able to;

  1. differentiate sequence and series
  2. determine arithmetic and geometric sequences/series under appropriate business cases and use such sequences/series to solve futuristic business issues
  3. describe a ‘set’ and identify different set building notations
  4. identify the importance of set theory from a pre-probability context
  5. differentiate permutation and combination

use permutation and combination to solve business issues

Lectures Class room discussions

Group assignment and presentation on reflective learning

End Semester Examination

5

Calculus

At the end of the session students should be able to;

  1. describe calculus and its branches
  2. recognize limits as pre-calculus (including; one sided and general) and possible use in business context
  3. identify and solve limits through graphics and algebraic rules
  4. identify rules in differential calculus (including; constant, power, sum/difference, product, quotient, and chain)
  5. recognize higher order derivatives and their usage in recognizing relative maximum or minimum under business context
  6. identify basic rules of Integral calculus

Lectures

Group assignment and presentation on reflective learning

End Semester Examination

6

Calculus in Practice

At the end of the session students should be able to;

  1. identify calculus as a technique in solving maximization, minimization, and elasticity issues (especially in the context of contrasting accountant and economist view of functions)
  2. discuss maximization issues via tabular, graphical, and calculus methods
  3. solve maximization issues with calculus using ‘profit maximization point’ and/or ‘MR=MC point’ as a necessary condition, and use their sufficient condition to prove the accuracy of the solution
  4. calculate elasticity using differential calculus (including price, cross, and income) for two variable models
  5. calculate elasticity using partial differentiation rules of calculus (including price, cross, and income) for multi variable models (including additive and multiplicative)

Lectures  Class room discussions

Group assignment and presentation on reflective learning

End Semester Examination

7

Financial Mathematics

At the end of the session students should be able to;

  1. explain ‘Time Value of Money’ and its root causes
  2. identify and illustrate compounding and discounting
  3. calculate using compounding formula and/or tables simple and periodic values, effective annual rate, rate to be earned, time period of deposit under lump sum and annuity
  4. calculate using discounting formula and/or table the present value under lump sum, annuity and perpetuity
  5. attempt using financial mathematics in constructing a sinking fund, loan amortization (including amortization schedule),security valuation, and currency conversion

Lectures

Class room discussions

Group assignment and presentation on reflective learning

End Semester Examination

Recommended Reading       :

  1. Roueche. N. W., Graves. H. V. and Tuttle. M. D. “Business Mathematics: A Collegiate Approach”, (any edition); Pearson Prentice Hall.
  2. Mizrahi, A. and Sullivan, M. “Mathematics, an Applied Approach”, (any edition); New York; John Willey and Sons.
  3. Jacques, I.“Mathematics for Economics and Business”, (any edition), British Addision Wesley.

 

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