CHAPTER 1
Introduction to Business Mathematics
1.1. INTRODUCTION TO BUSINESS MATHEMATICS
People have been using mathematical tools to resolve managerial problems for thousands of years, however, the formal study and application of quantitative techniques to decision making is largely a product of the twentieth century. In this book, we shall study the techniques which have been applied successfully to an increasingly wide variety of complex problems in business.
Knowing the modelling and the functioning alone is not sufficient, one must also be familiar with the limitations, assumptions and specific applicability of the technique. The successful use of quantitative techniques normally results in a solution that is timely, accurate, flexible, ...
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