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Applied Business Mathematics

Module name (EN): Applied Business Mathematics
Degree programme: International Business, Bachelor, ASPO 01.10.2020
Module code: IBB-140
Hours per semester week / Teaching method: 6VU (6 hours per week)
ECTS credits: 5
Semester: 1
Mandatory course: yes
Language of instruction:
English
Assessment:
Written exam (90 minutes / can be repeated semesterly)
Curricular relevance:
IBB-140 International Business, Bachelor, ASPO 01.10.2020, semester 1, mandatory course
Workload:
90 class hours (= 67.5 clock hours) over a 15-week period.
The total student study time is 150 hours (equivalent to 5 ECTS credits).
There are therefore 82.5 hours available for class preparation and follow-up work and exam preparation.
Recommended prerequisites (modules):
None.
Recommended as prerequisite for:
IBB-230 Business Statistics
IBB-340 Microeconomics


[updated 04.02.2020]
Module coordinator:
Prof. Dr. Teresa Melo
Lecturer: Prof. Dr. Teresa Melo

[updated 25.11.2019]
Learning outcomes:
After successfully completing this module, students will be able:
 
- to explain the basic principles of differential calculus, linear algebra and linear programming,
- to describe, distinguish and apply basic concepts and methods of financial mathematics,
- to judge which of the mathematical methods they have learned is suitable for solving business mathematical problems,
- to model quantitative problems from economic and business administration contexts using the language of mathematics,
- to apply suitable mathematical methods to solve specific problems,
- to interpret and communicate the results obtained,
- to further develop their analytical skills by independently solving practical tasks in the subject area.
 


[updated 04.02.2020]
Module content:
Calculus:
- Review of functions of one variable and differentiation rules
- Applications of derivatives
- Functions of several variables
- Partial derivatives and economic interpretation
- Maxima/Minima problems
- Optimization under side conditions
- Business applications of calculus
 
Elements of financial mathematics:
- Interest rate models
- Annuities
- Cash flows
 
Fundamentals of linear algebra:
- Matrix operations
- Development of systems of linear equations
- Solving systems of linear equations (e.g. Gaussian elimination)
- Modeling business processes with matrices (e. g. production processes)
 
Linear programming:
- Formulation of a linear programming model
- Assumptions of linear programming
- Graphical solution procedure
- Formulating and solving linear programming models on a spreadsheet
- Business applications of linear programming
 


[updated 04.02.2020]
Teaching methods/Media:
Lectures supported by slides (projector) and blackboard (theory and example calculations). The lectures will be supplemented by exercises and tutorials. In order to support independent work, multiple exercise sheets covering the whole range of topics in this module will be provided. Solutions will be discussed with the students in the tutorials. Both the lecture notes and the exercise sheets will be available to students in electronic form.


[updated 04.02.2020]
Recommended or required reading:
Anderson, Sweeney, Williams, Camm, Cochran, Fry, Ohlmann: Quantitative Methods for Business, 13th edition, Cengage Learning, 2016
Hillier, Lieberman: Introduction to Operations Research, 10th edition, McGraw Hill Higher Education, 2015
OpenStax College: Calculus (Volumes 1, 2, and 3), OpenStax CNX, https://openstax.org/subjects/math, 2019
OpenStax College: College Algebra, OpenStax CNX, https://openstax.org/subjects/math, 2019
Sydsæter, Hammond, Strøm, Carvajal: Essential Mathematics for Economic Analysis, 5th edition, Prentice Hall, 2016
Sydsæter, Hammond, Seierstad, Strøm: Further Mathematics for Economic Analysis, 2nd edition, Prentice Hall, 2008


[updated 12.12.2019]
[Tue Dec  1 00:21:17 CET 2020, CKEY=imt, BKEY=ibw4, CID=IBB-140, LANGUAGE=en, DATE=01.12.2020]