Mathematics in Business and Management
Until the mid 1950’s, the role of mathematics (and statistics to a lesser extent) in Business and Management programs was minimal: some elementary business mathematics which included a smattering of the mathematics of finance using interest tables and some algebra, as well as some cookbook statistics. Beginning roughly at that time, with the infusion of funds from various sources, business schools entered the scientific age. Numerous mathematical techniques -- some new, some not so new -- were assembled to help solve various problems of management. A particular discipline called Management Science sprang up. It incorporated various techniques -- mathematical programming, linear algebra, network methods, queuing theory, stochastic processes, statistics, recursive relations, and computer simulation to attack various management problems. Drawing upon the above techniques, management science has as its philosophy the solving of a problem.
KeywordsBusiness School Recursive Relation Management Information System Matrix Algebra Differential Calculus
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