BASIC MATHEMATICS FOR BUSINESS

OBJECTIVES : MATHEMATICS &

STATISTICS
Develop Mathematical skills needed for To talk about problems that are formulated in mathematical terms Not to make you expert Mathematicians but help you in the understanding and interpretation of the results given by experts. Project Work : All areas of Management

 Have access to large amounts of information Use available information to make better decisions Mathematical models are used in decision making , so the practitioner must be able to think and write in mathematical terms In management environment it will be necessary to translate detailed mathematical reasoning into something closer to everyday language Able to translate to and from Mathematics

MEANING OF QUANTITATIVE TECHNQUES Group of statistical and operations research techniques. Requires preliminary knowledge of mathematics . Quantitative approach in decision making requires that problems be defined , analyzed and solved in a conscious , rational, systematic and scientific manner based on data , facts ,information and logic , not on guesses

 Common characteristic of all types of quantitative techniques is that numbers , symbols or mathematical formulae are used to represent the models of reality. Quantitative techniques have made valuable contribution towards arriving at an effective decision in various functional areas of management - Marketing , Finance , Production and Personnel.

ADVANTAGES OF QUANTITATIVE APPROACH TO MANAGEMENT

Forecasting /Prediction Definiteness Condensation Comparison Formulation of Policies Formulating and Testing Hypothesis

QUANTITATIVE TECHNIQUES IN MARKETING MANAGEMENT

Analysis of marketing research information Statistical records for building and maintaining an extensive market Sales forecasting

QT IN PRODUCTION
Production planning , control and analysis Evaluation of machine performance Quality control requirements Inventory control measures

QT IN FINANCE , ACCOUNTING AND INVESTMENT

Financial forecast , budget preparation Financial investment decisions Auditing function Credit policies, credit risk

QT IN PERSONNEL MANAGEMENT Labor turnover rate Employment trends Performance appraisal Wage rates and incentives

QT IN ECONOMICS
Measurement of GDP, GNP Business Cycle determination , Long term growth , seasonal fluctuation Market price comparison Population Analysis , Land economics Formulation of appropriate economic policies and evaluation of their effect

STATISTICS
Field of statistics provides the methods for collecting , presenting and meaningfully interpreting the given data Statistical Methods could be divided into: Descriptive Statistics Inductive Statistics Statistical Decision Theory

 Descriptive Statistics : Data Collection and Presentation Inductive Statistics : Statistical Inference and Estimation Statistical Decision Theory : Analysis of Business Decisions

THANK YOU