Business Mathematics

QM-110

Basic Information

Program
Semester Fall – 2018
Credit Hours 03
Students attending this course should have basic
Pre requisites (if any)
knowledge about Arithmetic and Algebra.
Resource Person Mueen Azad
Contact information mueen.azad@umt.edu.pk

Course Description:
Today, quantitative methods and its applications are an integral part of our lives. In such
diverse settings as politics, medicine, education, and business, human activities are both
measured and guided by quantitative methods. More and more decisions made in the
business world now rely on soundness of mathematical and statistical information, and on
appropriateness of the use of analytical tools. It is, therefore, imperative for a business
manager to be aware of the multifaceted role of quantitative methods as a descriptor of
information, a tool for analysis, a means of reaching conclusions, and an aid to decision
making.

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:
Ser. Course Learning Objectives Link with Program Learning
# Objectives
1 Discuss and review basic To inculcate business knowledge and
mathematical concepts and tools. analytical skills in graduates to think
decisively in order to develop innovative
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School of Business & Economics QM-110 University of Management and Technology
 solutions to problems in a business
environment.
2 Describe how different mathematical To provide a progressive and structured
and quantitative methods relate to framework to graduates that enables them
decision making in areas of Business in developing and applying knowledge set
& Economics. of critical and ethical evaluation.

3 Guide how the graduates in Business To craft graduates’ expertise in order to

& Economics will likely be using increase their resourcefulness.
these methods extensively in their
careers.

4 To make students capable of selecting To develop critical thinking skills for the
and using appropriate software and purpose ofevaluating information, solving
make best use of it to achieve their problems, and making sound decisions.
business goals.

Textbooks & Supplies:

1. Essential of College Mathematics(For Business & Economics) (11th Edition)
By: Raymond A. Barnett, Michael R. Zeigler

Supplementary Material:
2. Applied Mathematics for Business, Economics, and the social sciences
By: Frank

Web links:
moodle.umt.edu.pk

Email Addresses
Participants should establish their email accounts on the UMT email system, and use this
address for all types of academic communications during this course.

Moodle
Participants should regularly visit the course website on MOODLE Course Management
system, and fully benefit from its capabilities
Key:

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School of Business & Economics QM-110 University of Management and Technology
Classroom Behavior:
Positive and constructive class participation will be monitored for each class. Particular
emphasis will be given during the presentation sessions. The manner in which the
question is asked or answered will also be noted. Your behaviour, as business executive
will contribute to the class participation marks.

Participant Responsibilities:
The learning process is based on independent work with texts, textbook, and cases
supported by lectures and assignments/cases - see schedule. Participants are supposed to
have read the text chapters under discussion in advance. Questions answered to these text
chapters, will contribute to the class participation marks.

Use of Unfair Means

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.
 Zero Point for the assignment/quiz/exam
 Case would be sent to UMC Committee

Use of Mobile Phones and Other Electronic Devices

 Use of mobile phones and similar devices is prohibited during the class
 Your phone should not be heard or visible during the class
 All mobile phones should be turned-off (or at least in the “silent” mode) and
secured in pockets or bags during the class time, and may not be used for ANY
purpose, including
calculations, time-keeping, etc. In case you are anticipating an emergency call,
you need to discuss this matter with the resource person BEFORE the start of the
class

Entering and Leaving the Classroom

You are requested to seek permission from the resource person while entering or leaving
the classroom during the session

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School of Business & Economics QM-110 University of Management and Technology
Tests and Grading:
According to new grading policy participants are supposed to obtain 50% marks in 70%
evaluation and 50% marks in their final exam. Passing marks are 50% of total
assessment.

Quizzes/Class Participation:
Quizzes will be taken according to calendar of activities. The quizzes are aimed at
evaluating the participants’ understanding and clarity of different concepts. Some
corrective action will be taken if necessary, to fill the gap between desired and actual.
Surprise quizzes may also be taken.

Required Material for QM-110

Participants are required to bring the following in every class they come to attend:
1. Textbook
2. Calculator
3. Ring file (for notes)
4. Lead pencil (and accessories) (optional)

NOTE: Failure to bring any of the first three things or being absent or late in a class,
may result in a loss of marks in your class participation, and may adversely affect your
final grade.

Assessment Mode and Weightage

1. Quizzes 15%
2. Assignments 15%
3. Project/Presentation 10%
4. Mid Term 20%
5. End Term 40%

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School of Business & Economics QM-110 University of Management and Technology
 Calendar of Activities

Expected
Readings Quizzes
Learning objective
& Page Assignment
Sess. Topics to be Covered Numbers s and
Problems

Preliminaries: Appendix Business,

 Algebra and Real Numbers A economics
To review the basic
 Operations on polynomials & finance
concepts of mathematics,
 Factoring polynomials Page: applications
1-2 identifying and solving
 Operation on Rational 903-942 discussions
equations and inequalities
Expressions and their use in business.
 Integer Exponents and Raymond Assignment
 Scientific Notation A.Barnett #1

Ratios, Proportions: Handout To learn how the concept of

Business,
ratios and percentages can
 Rate and Ratio Page:
economics
be helpful in different
3-4  Defining Proportion 48-50
& finance
business, economics and
 Proportional Parts and their applications
finance related situations
use discussions
. Harwood and also the situations
 Indirect Proportion Clarke where proportions will
 Compound Proportion Quiz # 1
serve effective purposes.

Percentages:
 Defining Percentage Business,
To be able to learn
 Difference between Handout
economics
understand the concept of
Percentage and Proportion percentage and its use of
& finance
5  Percentage Gain and its Page:
applications
computing percentage gain
Business Use 50-56 and loss in different
discussions
 Percentage Loss and its business and economics
Business Use . Harwood situations.
Clarke

Appendix Business,
Sequence and Series: To learn and understand
economics
 Sequence B
the concepts of sequence
& finance
6-7  Series and Summation Page: applications and series and their
Notation 952 - 965 discussions applications in terms of
 Arithmetic Sequence loan repayment and
 Geometric Sequence Raymond Assignment
A. Barnett economy stimulation.
#2
CH:1 Business, To discuss some algebraic
Linear Equations and Graphs:
economics methods for solving
8-11  Linear Equations and its Page:
& finance equations and to introduce
Graphs 2- 29
applications coordinate system to
 Purchase Price and Consumer Raymond discussions explore the relationship
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School of Business & Economics QM-110 University of Management and Technology
 Price Index A. Barnett between algebra and
 Graphs and Lines Assignment geometry, to use this
 Cartesian Coordinate System #3 algebraic-geometric
 Applications related to Quiz # 2 relationship to find
Production, Cost, and Supply mathematical models for
& Demand Situations describing real-world data
sets.
Mathematical Functions:
Business,
CH:2
 Function economics To develop functions and
 Elementary Functions: Page: & finance identifying their types,
Graphs and Transformations 46 - 127 applications
12-14 how to apply functions in
 Quadratic Function discussions
real life, to use functions
 Exponential Function Raymond
A. Barnett Assignment to check the linear and
 Logarithmic Function curved trend in data.
#4
Quiz # 3

Review
15-16 Mid Term Session

Mathematics of Finance:
 Simple Interest and Return
on Investments To be able to understand
Business,
 Compound Interest and economics
the concepts of simple,
Continue Compound Interest CH:3 compound interests,
& finance
 Computing Growth Rate and applications
annuities, sinking funds,
Annual Percentage Yield Page: amortization, and
discussions
17-21  Annuity, types of annuity, 127- 158 amortization schedules, to
Ordinary Annuity and develop formulas and
Assignment
Annuity Due Raymond compute their values under
#5
 Future Value of an Annuity; A. Barnett different business,
Sinking Funds economics and finance
Quiz # 4
 Present Value of an Annuity; situations.
Amortization and
Amortization Schedules

System of linear Equations;

Matrices: Business, To review how systems of
CH:4
 System of Linear Equations economics linear equations involving
in Two Variables & finance two variables are solved, to
Page:
 System of Linear Equations applications turn to different method of
175-236
22-27 discussions solution involving the
and Augmented Matrices
concept of an augmented
 Gauss-Jordan Elimination Raymond
Assignment matrix, to study matrices
 Matrices: Basic Operations A. Barnett
#6 and matrix operations,
 Inverse of a Square Matrix Quiz # 5 applications to important
 Matrix Equations and economics problem..
Systems of linear Equations
Use of Differential Calculus Business, To introduce and

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School of Business & Economics QM-110 University of Management and Technology
 CH:10 & economics understand the concept of
28-30  The Derivative 11 & finance derivatives and to learn
 Basic differentiation applications how the manufacturing
properties Page: discussions companies can know in
 Differentials 539 - 569 advance the increase in
 Marginal Analysis in & 602 Quiz # 6 cost, revenue and ultimately
Business and Economics profit by taking help from
 Derivatives of Products and Raymond their marginal functions
Quotients A. Barnett and can make effective
decisions.

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School of Business & Economics QM-110 University of Management and Technology