What math applications are taught in the business management field?
I'm just curious and my parents are nagging me :-)
- 1 decade agoFavorite Answer
Basic algebra and calculus are used in simple business models. Algebra is used for present value calculations, and calculus is used in business economics to study optimal behavior by firms. Calculus is also used in advanced finance topics, such as option pricing.
Statistics are used extensively in marketing and finance to predict consumer behavior or financial market volatility. Probability theory is used in operations research to discuss optimal management of random phenomena, such as queueing theory (how to provide efficient customer service when people arrive randomly at a store).
Business schools used to teach linear algebra for linear programming, which would be used for example to determine how to optimize the input and output choices of a petroleum refinery. They also used to teach nonlinear optimization, but these are usually taught with software tools now.
Finally, some strategy courses will touch on game theory, which is a special kind of optimization where you have to take into account your opponent's (or competitor's) behavior.Source(s): I've been a B-School professor for 20 years :)
- JeannetteLv 44 years ago
Accountant Bank teller Math teacher Engineer Grocery clerk Blackjack dealer Farmer Truck driver Forester Contractor Doctor Pizza Delivery person Waitress Pharmacist Tailor/Seamstress Caterer Professional Bowler You know what, almost ALL jobs involve math in some way. Now go do your homework.