Introduction to Quantitative Methods in Business

With Applications Using Microsoft Office Excel

Bharat Kolluri, Michael J. Panik, Rao N. Singamsetti

• Publisher: Wiley
• Year: 2016
• Print ISBN: 9781119220978
• eBook ISBN: 9781119220992
• Edition: 1
• Topic: Mathematics
• Subtopic: Probability & Statistics
• Index: Mathematics

A well-balanced and accessible introduction to the elementary quantitative methods and Microsoft® Office Excel® applications used to guide business decision making

Featuring quantitative techniques essential for modeling modern business situations, Introduction to Quantitative Methods in Business: With Applications Using Microsoft® Office Excel® provides guidance to assessing real-world data sets using Excel. The book presents a balanced approach to the mathematical tools and techniques with applications used in the areas of business, finance, economics, marketing, and operations.

The authors begin by establishing a solid foundation of basic mathematics and statistics before moving on to more advanced concepts. The first part of the book starts by developing basic quantitative techniques such as arithmetic operations, functions and graphs, and elementary differentiations (rates of change), and integration. After a review of these techniques, the second part details both linear and nonlinear models of business activity. Extensively classroom-tested, Introduction to Quantitative Methods in Business: With Applications Using Microsoft® Office Excel® also includes:

• Numerous examples and practice problems that emphasize real-world business quantitative techniques and applications

• Excel-based computer software routines that explore calculations for an assortment of tasks, including graphing, formula usage, solving equations, and data analysis

• End-of-chapter sections detailing the Excel applications and techniques used to address data and solutions using large data sets

• A companion website that includes chapter summaries, Excel data sets, sample exams and quizzes, lecture slides, and an Instructors' Solutions Manual

Introduction to Quantitative Methods in Business: With Applications Using Microsoft® Office Excel® is an excellent textbook for undergraduate-level courses on quantitative methods in business, economics, finance, marketing, operations, and statistics. The book is also an ideal reference for readers with little or no quantitative background who require a better understanding of basic mathematical and statistical concepts used in economics and business.

Bharat Kolluri, Ph.D., is Professor of Economics in the Department of Economics, Finance, and Insurance at the University of Hartford. A member of the American Economics Association, his research interests include econometrics, business statistics, quantitative decision making, applied macroeconomics, applied microeconomics, and corporate finance.

Michael J. Panik, Ph.D., is Professor Emeritus in the Department of Economics, Finance, and Insurance at the University of Hartford. He has served as a consultant to the Connecticut Department of Motor Vehicles as well as to a variety of health care organizations. In addition, Dr. Panik is the author of numerous books, including Growth Curve Modeling: Theory and Applications and Statistical Inference: A Short Course, both published by Wiley.

Rao N. Singamsetti, Ph.D., is Associate Professor in the Department of Economics, Finance, and Insurance at the University of Hartford. A member of the American Economics Association, his research interests include the status of war on poverty in the United States since the 1960s and forecasting foreign exchange rates using econometric methods.

Chapter 1
The Mathematical Toolbox

1.1 Introduction

This chapter is essentially about applicable analytical tools. We cover items such as linear equations, simultaneous linear equations (involving two equations in two unknowns), the summation operator, sets (and set operations), general functions and graphs, and a brief exposure to differentiation and integration.

Our experience has indicated that some students might benefit from a review of the basic mathematical concepts typically studied in high school mathematics classes or in courses that might be offered in the first year of college. This is why we have included an optional appendix at the end of this chapter for those students in need of a refresher in topics such as exponents, factoring, fractions, and decim...

Table of contents

• Cover
• Title Page
• Copyright
• Dedication
• Preface
• About the Companion Website
• Chapter 1: The Mathematical Toolbox
• Chapter 2: Applications of Linear and Nonlinear Functions
• Chapter 3: Optimization
• Chapter 4: What Is Business Statistics?
• Chapter 5: Probability and Applications
• Chapter 6: Random Variables and Probability Distributions
• Solutions to Odd-Numbered Exercises
• Index
• End User License Agreement