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Management mathematics
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People in business, economics and the social sciences are increasingly aware of the need to be able to handle a range of mathematical tools. This course is designed to ll this need by extending the 100 courses in Mathematics and Statistics into several even more practical and powerful areas of mathematics. It is not just forecasting and index numbers that have uses. Such things as diferential equations and stochastic processes, for example, do have direct, frequent and practical applications to everyday management situations.
This course is intended to extend your mathematical ability and interests beyond the knowledge acquired in earlier 100 courses. Throughout the mathematical and quantitative courses of the degrees we attempt to emphasise the applications of mathematics for management problems and decision-making. MT2076 Management mathematics is no exception. However, you must always recognise the need to `walk before you can run' and hence new topics sometimes need to be covered in a relatively detailed mathematical way before the topics' uses can be emphasised by more interesting and practical examples. It must be admitted that many good managers are not very mathematically adept. However, they would be even more inquisitive, more precise, more accurate in their statements, more selective in their use of data, more critical of advice given to them, etc. if they had a better grasp of quantitative subjects. Mathematics is an important tool which all good managers should appreciate. Many of the topics within this course are extensions of the comparatively simple ideas covered within your 100 courses in Mathematics and Statistics. Other topics are fundamentally new. The course therefore both extends and reinforces existing knowledge and introduces new areas of interest and applications of mathematics