Business Math was first put into practice by industry leaders, George Dantzig and Harold Kuhn, in the 1950’s. Business Mathematics is important in everyday life because not only does it help companies and organizations record and manage business related operations but it is also helpful for companies and organizations to make data driven decisions that ultimately relate to logistics, supply chains and warehousing. Business math differs from other types of math’s because it consists of more advanced mathematics such as matrix algebra, linear programming and mathematics of finance. Thus, it is perfect to use in the business management field. Not only is Business math a very important type of mathematics but so is Financial Mathematics because they two form important branches of math that are directly applied to business and economics. Examples of these applied math’s that are vital for business are management science, probability theory, time series analysis, linear programming and queuing theory.
Business Math 1324 is a very common requirement for many Texas college students who plan to get a degree in the business and/or economics field. Business math prepares these students by teaching them matrix algebra, linear programming and in some cases it also teaches them a little …show more content…
In real life, Linear programming is part of a very crucial area of math called "optimization techniques". This field of study is used daily in the allocation and organization of resources. These "real life" systems can range from having dozens to hundreds of variables, or even way more. If you compare algebra to linear programming, in algebra you 'll only work with the very simple two-variable linear case. Linear programming is used largely by economists, business managers and public
Business Math 1324 is a very common requirement for many Texas college students who plan to get a degree in the business and/or economics field. Business math prepares these students by teaching them matrix algebra, linear programming and in some cases it also teaches them a little …show more content…
In real life, Linear programming is part of a very crucial area of math called "optimization techniques". This field of study is used daily in the allocation and organization of resources. These "real life" systems can range from having dozens to hundreds of variables, or even way more. If you compare algebra to linear programming, in algebra you 'll only work with the very simple two-variable linear case. Linear programming is used largely by economists, business managers and public