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Week 1 DQs and Summary In management, how important is it to learn to use mathematics to solve problems? How valuable is an MBA degree without the ability to identify and calculate the cost of a company’s capital, its return on investment, gross margin percentage, breakeven point, or what percent of a population would be willing to buy its product? When using the formula NI = [U * (P-VCu)] - FC, in which order must you complete the calculation? Why does the order of operations matter? 1. What three things did you learn this week? 2. Why are they important to you? 3. How do you plan to use them? DQ 1 In management, how important is it to learn to use mathematics to solve problems? How valuable is an MBA degree without the ability to identify and calculate the cost of a company’s capital, its return on investment, gross margin percentage, break-even point, or what percent of a population would be willing to buy its product? A calculable figure is normally linked to all measured values for all variables used in business. These variables are also related with other significant variables. It is essential to compute the return on investment to give the CFO or the CEO advance knowledge compared to investors. Some important components of a business plan include an analysis of the break-even point and gross margin percentage. These components will allow a company to evaluate potential cash flow using existing data. The forecast will also show the solvency of a particular company. Marketing plans can be created by using a percentage of a population as the target of salable commodities. Direct mailing may not be feasible for a market that has around 400,000 people although it is essential to identify the reason why a commodity is preferred by a particular target market. Increasing the share of a market is also an objective of many companies. In order for a company to expand, and reduce promotional costs, it is important to be recognizing the variations of a particular market. DQ 2 When using the formula NI = [U * (P-VCu)] - FC, in which order must you complete the calculation? Why does the order of operations matter? Which order must you complete the calculation: NI = [U * (P-VCu)] - FC 1. P-VCu 2. U* times quantity total in item one 3. Quantity item 2 – FC = NI The rules of hierarchy dictate that the equations found inside the parenthesis are to be performed first. The equations inside nested parenthesis contained by the brackets should be performed before performing the operations inside the bracket. The equation for the variable FC should be performed last. The result will not be the same if the order is not followed. According to the distributive law, U*(P-VCu) is equal to U*P minus U*VCu. Multiplication is done before subtracting the values. Example: If U=2, P=5, VCu= 10, and FC=1 U * (P-VCu) = P-VCu = 5-10=-5, -5*U= -5*2 = -10 -10-FC = -10-1 = -11 Distributive Law U*P-U*VCu= U*P = 2*5=10, U*VCu = 2*10 = 20, 10-20= -10 -10-FC = -10-1 = -11 The preceding example proves the distributive law. Why does the order of operations matter? It is essential to maintain the order of the variables since reversing the sign of 10 (20-10) will not have the same result as -10 (10-20). It is essential to follow the order of operations. 1. Parenthesis 2. Roots and Powers. The only exception is the square root of an equation since it is understood that this equation is done first. 3. Multiplication and Division 4. Addition and Subtraction This is a fundamental principle in computer programming since it shows the way mathematical computations are performed by a computer. This is also known as the ANSI standard. Errors will result if these fundamental rules are not followed. 1. What three things did you learn this week? 2. Why are they important to you? 3. How do you plan to use them? Generally, the objectives for the first week, which include mathematical expressions and equations, following the rules in the order of operations, and the identification of dependent and independent variables, were already taught in the past, however, the subject matter is still considered recently-gained knowledge since these were initially taught a long time ago. The significance of the order of operations in problem solving is the first concept that I understood. It may have taken a good amount of trial-and-error exercises before the concept was properly understood. However, I am certain that I have enough knowledge about the basic order of operations that were covered in the first week. The order of operations can be best remembered using the acronym PEMDAS, which means Parenthesis, Exponents, Multiplication or Division, and Addition or Subtraction. The significance of PEMDAS is that it forms the basis in finding the solution to equations as show in a number of tests and problems in mathematics. It will not be easy to accomplish the objectives of the succeeding course objectives if there is no proper comprehension of the appropriate order of operations. Solving future problems will be made easier when the PEMDAS is used in solving them. Another concept that was taught in the first week is the proper conversion of application problems into equations before finding their solutions. This is essential since it uses the theories found on the textbook. It is also used in actual everyday situations. These theories are rarely used at home or at work. The variables in the equation are also important since it is necessary to convert them properly to find the appropriate solution. I was able to acquire a proper basis in understanding these concepts through the readings, which I went through several times while taking the significance of the variables into consideration. This is essential in order to deal with potential problems in real life. I was also able to understand the significance of estimation in finding the solution of application problems. Even though this concept is used in everyday life, I only realized the importance of basic theories in mathematics in the entire process after the lesson. I was able to understand the concept of rounding up numbers when the numbers directly on the right side are five or higher. I also understood that rounding down is necessary if the numbers are four or lower. Proficiency in estimating numbers is essential in providing an educated guess on numerous figures in real-life situations, such as the volume of a particular product or forecasting future sales. In the end, the lessons during the week were informative and eye-opening. I am also eager to learn other concepts in the future lessons.