Applied Business Mathematics
IBB-140
P420-0229
ibw4
6
VU
5
1
yes
English
Written exam (90 minutes / can be repeated semesterly)
IBB-140
International Business
1
mandatory course
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.
IBB-230
Business Statistics
IBB-340
Microeconomics
Prof. Dr. Teresa Melo
tme
Prof. Dr. Teresa Melo
tme
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.
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
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.
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
Sun Dec 10 21:46:06 CET 2023, CKEY=imt, BKEY=ibw4, CID=[?], LANGUAGE=en, DATE=10.12.2023