Business Mathematics
QM-480
University of Management and Technology
BUSINESS
MATHEMATICS
QM-480
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Basic Information
Program:
Semester:
Credit Hours:
Duration:
Pre-Requisites:
MBA
Fall 2010
3
15 Sessions
Students attending this course should have basic knowledge
about Arithmetic and Algebra.
Resource Person: Malik Umer Ayub e-mail: [email protected]
Capsule Statement
Mathematical methods are applied to a wide variety of problems ranging from business to medicine
to agriculture. The graduates in Business & Economics will likely be using these methods extensively
in their careers.
This course is aimed to provide a review of basic mathematical concepts and tools, along with a
more detailed discussion on their applications in Business & Economics. This course will also
provide necessary quantitative background for advance courses in the areas of Business, Finance,
Operations, and Economics.
Learning Objectives
The major objectives of the course are to:

Review basic mathematical concepts and tools

Describe how mathematics relates to decision making in areas of Business & Economics
School of Business & Economics
UMT
Business Mathematics
QM-480
Learning Methodology
Following instructional tools and methodologies would be used during the course.
Lectures:
15 sessions in total including MID TERM Exam.
In Class Exercises:
Each session is accompanied by Exercises from the TEXT
Calculators:
Scientific Calculator
Computer Software:
Microsoft Excel
Assessment Scheme
Participants would be evaluated on the basis of their overall performance during the semester
including their attendance, discipline, participation besides academic pursuits. In summary, a
participant would be evaluated as follows;
Class Participation: 5% Participants are expected to be present, both physically and mentally, in each
and every session and this is contributed towards their final evaluations. Attendance would be called
in first 5 minutes of each session and no concession would be given in relaxing these minutes.
Discipline should be maintained at all cost and a healthy and conducive participation is always
cherished.
Quizzes: 15% There would be 3 announced, in-class quizzes in total. No make-up quiz would be
arranged for any missing quiz.
Assignments: 20% There would be 4 assignments in total. All of these four assignments would be
available on the day 1 at Campus Photocopier. And the due date is the last scheduled class (12pm).
No concession would be given for this due date. However, you may submit your assignments at any
time prior to this date.
Exams: There would be TWO exams; one around the middle and the other at the end of the
semester.
25% The MID Term Exam would be an in-class test. You are to bring your own stationary and no
borrowing is allowed during the test.
35% The FINAL Term Exam, however, providing you with the Answer Sheets but still no
borrowing is allowed during the exam.
School of Business & Economics
UMT
Business Mathematics
QM-480
Cheating
Participants are expected to do their own work in their assignments, quizzes and exams. They are
always encouraged to discuss with each other but the assignments, quizzes and exams should be
their own work reflecting their own effort and intellect. The School of Business & Economics is
VERY STRICT against any action of plagiarism, copying and cheating. So don’t put yourself in any
embarrassing position that may mar your career. In summary, any or all of these actions may be
taken against you in case of cheating.
1. Zero Point for the assignment/quiz/exam
2. Case would be sent to UMC Committee
School of Business & Economics
UMT
Business Mathematics
QM-480
Topics to be Taught
(1) Preliminaries
Objectives:
Weight 15% (2 Sessions)
To review the basic techniques of mathematics. Identifying and
solving equations and inequalities etc.
Text Recommended:
Essential of College Mathematics (For Business & Economics)
(11th Edition) By: Raymond A. Barnett, Michael R. Zeigler
References:
Applied Mathematics for Business, Economics, and the social
sciences: By Frank
Topics:
Algebra and Real Numbers, Basic Operations on Polynomials,
Variables, Constants and Coefficients, Basic Operations on Rational
Expressions. Equations, Linear Equations in One Variable,
Quadratics Equations, Cartesian coordinate system and Straight
Lines, (Application Business and Economics), Slope of Straight
Lines, Interpretation of Slope Concept, Use of MS Excel.
Evaluation:
Criterion:
Min. Req. Num. Accuracy: 60%
Quizzes:
Must 1, Duration: 15 minutes.
Assignments: Must 1
Exercising
Material:
From Recommended Text book: Question # 57, 58, 59, 60, and 61
from Exercise A-3
From Recommended Text book: Question # 59, 60, 61, and 62 from
Exercise A-5
Question # 53, 54, 55, 56, 58, 60, 62, 64, 66, and 68 from Exercise #
1.1
Question # 57, 58, 60, 62, 65, 64, 66 from Exercise # 1.2
School of Business & Economics
UMT
Business Mathematics
QM-480
(2) Mathematical Functions
Objectives:
Weight 15% (2 Sessions)
Developing functions and identifying their types. How to apply
functions in business
Pre-requisites:
None
Text Recommended:
Essential of College Mathematics (For Business & Economics)
(11th Edition) By: Raymond A. Barnett, Michael R. Zeigler
References:
Applied Mathematics for Business, Economics, and the social
sciences: By Frank
Topics:
Functions, Domain, Range, Linear and Quadratic Functions, Graphs of
Functions by using Microsoft Excel, Applications in Business and
Economics, Break Even Models, Logarithmic and exponential
Functions, Use of MS Excel.
Evaluation:
Criterion:
Min. Req. Num. Accuracy: 60%
Quizzes:
Must 1, Duration: 15 min.
Assignments: Must 1
Exercising
Material:
From Recommended: Question # 113, 116, 117, 119, 121, 123, and
125, 126 from Exercise # 2.1.
Question # 53, 54, 55, 57, 59, and 61 from Exercise # 2.3
School of Business & Economics
UMT
Business Mathematics
QM-480
(3) Matrix Algebra
Weight 12.5 % (1 Sessions)
Objectives:
Getting acquainted with matrices and their application in business
Pre-requisites:
None
Text Recommended:
Essential of College Mathematics (For Business & Economics)
(11th Edition) By: Raymond A. Barnett, Michael R. Zeigler
References:
Applied Mathematics for Business, Economics, and the social
sciences: By Frank
Topics:
Concepts,
Types
Multiplication.
of
Matrices,
Addition,
Subtraction,
and
Inverse of a Matrix. The Determinants and its
Properties, Solution of linear equation, Gaussian Elimination
Method, Use of MS Excel.
Evaluation:
Exercising
Material:
Criterion:
Min. Req. Num. Accuracy: 60%
Quizzes:
Must 1, Duration: 15 min.
Assignments: Must 1
From Recommended: Question # 51, 53, 55, 57, 59, and 61 from
Exercise # 4.1.
Question # 49, 51, and 53 from Exercise # 4.6
School of Business & Economics
UMT
Business Mathematics
QM-480
(4) Linear Programming
Weight 7.5 % (1 Sessions)
Objectives:
To learn the basics of operations research and its application
Pre-requisites:
None
Text Recommended:
Essential of College Mathematics (For Business & Economics)
(11th Edition) By: Raymond A. Barnett, Michael R. Zeigler
References:
Applied Mathematics for Business, Economics, and the social
sciences: By Frank
Topics:
Introduction to linear programming, formation of linear
programming problem and graphical solution. Simplex Method for
Maximization, Use of MS Excel.
Evaluation:
Exercising
Material:
Criterion:
Min. Req. Num. Accuracy: 60%
Quizzes:
Optional, Duration: 15 min.
Assignments: Must 1
From Recommended: Question # 33, 34, 35, 36, 37, 38, 39, 40, 41,
42, 43, 44, and 45 from Exercise # 6.4.
School of Business & Economics
UMT
Business Mathematics
QM-480
(5) Sequence and Series
Weight 7.5% (1 Sessions)
Objectives:
To learn the application of sequences in business
Pre-requisites:
None
Text Recommended:
Essential of College Mathematics (For Business & Economics)
(11th Edition) By: Raymond A. Barnett, Michael R. Zeigler
References:
Applied Mathematics for Business, Economics, and the social
sciences: By Frank
Topics:
Basic concepts, Arithmetic and geometric progressions, and Means
Business application of Arithmetic and geometric progressions.
Evaluation:
Exercising
Material:
Criterion:
Min. Req. Num. Accuracy: 60%
Quizzes:
Must 1
Assignments: None
From Reference: Question # 45, 46, 47, 48, 49, and 50 from
Exercise # B-2.
School of Business & Economics
UMT
Business Mathematics
QM-480
(6) Mathematics of Finance
Objectives:
Weight 20% (3 Sessions)
To learn how Interest rates have influence on business decisions and
our daily lives.
Pre-requisites:
None
Text Recommended:
Essential of College Mathematics (For Business & Economics)
(11th Edition) By: Raymond A. Barnett, Michael R. Zeigler
References:
Applied Mathematics for Business, Economics, and the social
sciences: By Frank
Topics:
Interest Rate, Simple and Compound interest, Single Payment
Computations, Present Value. Nominal and Effective Interest Rate,
Annuities: Future and Present values, Use of Financial Calculator.
Evaluation:
Criterion:
Min. Req. Num. Accuracy: 60%
Quizzes:
Must 1
Assignments: Must 1
Guest Speaker
A guest speaker will be invited from Finance Department for further
discussion on the topic.
Exercising
Material:
From Recommended: Question # 33, 35, 37, 39, 41, 43, 45, 47, and
49 from Exercise # 3.1
Question # 61, 63, 65, 67, 69, 71, 73, 75, 77, 79, 83, 85, and 87 from
Exercise # 3.2
Question # 21, 23, 25, 27, 29, 31, 33, 35, 37, 39, 41, and 43 from
Exercise # 3.3
Question # 21, 23, 25, 27, 29, 31, 33, and 35 from Exercise # 3.4
School of Business & Economics
UMT
Business Mathematics
QM-480
(7) Ratios and Proportions
Objectives:
Weight 7.5% (1 Session)
Participants will learn how the concept of ratios and percentages can
be helpful in different business and finance related situations. They
will be able to calculate percentage gain and loss by using appropriate
formulas. Also they will be able to learn the situations in business and
economics where proportions will serve effective purposes.
Pre-requisites:
None
Text Recommended:
Essential of College Mathematics (For Business & Economics)
(11th Edition) By: Raymond A. Barnett, Michael R. Zeigler
References:
Advance Level Mathematics: By L. Harwood Clarke
Topics:
Ratio, Proportion Parts, Percentage, Percentage gain and Loss,
Applications of Ratio, Proportion, Percentage, and Percentage gain
and Loss in Business and Economics, Use of Financial Calculator.
Evaluation:
Criterion:
Min. Req. Num. Accuracy: 60%
Quizzes:
Must 1, Duration: 15 min.
Assignments: Must 1
Exercising
Material:
From Reference Text: Handouts comprising of topic detail along
with exercises will be provided.
School of Business & Economics
UMT
Business Mathematics
QM-480
(8)
(8) Use of Differential Calculus.
Objectives:
Weight 15% (3 Sessions)
To learn how the manufacturing companies can know in advance the
increase in cost, revenue and ultimately profit by taking help from
their marginal functions and can make effective decisions.
Pre-requisites:
None
Text Recommended:
Essential of College Mathematics (For Business & Economics)
(11th Edition) By: Raymond A. Barnett, Michael R. Zeigler
References:
Applied Mathematics for Business, Economics, and the social
sciences: By Frank
Topics:
The Derivatives, Cost analysis, Marginal Analysis, The Marginal Cost
Function, Sales Analysis, Revenue Analysis, Profit Analysis, (Application
Business and Economics), Use of Financial Calculator.
Evaluation:
Exercising
Material:
Criterion:
Min. Req. Num. Accuracy: 60%
Quizzes:
Must 1
Assignments: Must 1
From Recommended: Question # 2, 4, 6, 8, 10, 12, 14, and 16 from
Exercise # 10.7.
School of Business & Economics
UMT