Business Math And The Real World Essay

1812 Words Nov 30th, 2016 8 Pages
1. Introduction: Business Math in the Real World
The whole concept of mathematics being used in the business field all started thousands of years ago. Mathematics started because of business, in other words. It started to facilitate commerce and trade and it could have not happened without having numbers. Banking, commerce and trade are the main reason as to why we now have mathematics in the first place. Mathematics and business began around ten thousand years ago and it developed from there to all the branches of mathematics and businesses that we have now. The most famous manner that Business Math was put into practice was by industry leaders, George Dantzig and Harold Kuhn, in the 1950’s. They had great discoveries and outcomes by using business mathematics and incorporating it into their work. For example, George Dantzig is known for “developing the simplex algorithm to facilitate programming (military jargon for planning, rather than today 's computer use) in a linear structure ("Who Was George B. Dantzig? - INFORMS," n.d.). This helped many economists, mathematicians and many others. The result of his facilitating technique was called “Linear programming”. This technique became extremely popular and is now taught in business mathematics courses. Harold Kuhn, in the other hand, invented the “Hungarian method” in 1955. This method is a combinatorial optimization algorithm that solves the assignment in polynomial time. Linear programming techniques can be used with the…

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