Ilmenau, Germany

Mathematics and Business Mathematics

Mathematik und Wirtschaftsmathematik

Master's
Language: GermanStudies in German
Subject area: mathematics and statistics
Qualification: Master
Kind of studies: full-time studies
University website: www.tu-ilmenau.de
Business
Business is the activity of making one's living or making money by producing or buying and selling goods or services. Simply put, it is "any activity or enterprise entered into for profit. It does not mean it is a company, a corporation, partnership, or have any such formal organization, but it can range from a street peddler to General Motors." The term is also often used colloquially (but not by lawyers or public officials) to refer to a company, but this article will not deal with that sense of the word.
Business Mathematics
Business mathematics is mathematics used by commercial enterprises to record and manage business operations. Commercial organizations use mathematics in accounting, inventory management, marketing, sales forecasting, and financial analysis. Mathematics typically used in commerce includes elementary arithmetic, elementary algebra, statistics and probability. Business management can be done more effectively in some cases by use of more advanced mathematics such as calculus, matrix algebra and linear programming.
Mathematics
Mathematics (from Greek μάθημα máthēma, "knowledge, study, learning") is the study of such topics as quantity, structure, space, and change. It has no generally accepted definition.
Business
Despatch is the soul of business.
Philip Dormer Stanhope, 4th Earl of Chesterfield (1694-1773). Letter, 5 February 1750.
Mathematics
Who has studied the works of such men as Euler, Lagrange, Cauchy, Riemann, Sophus Lie, and Weierstrass, can doubt that a great mathematician is a great artist? The faculties possessed by such men, varying greatly in kind and degree with the individual, are analogous with those requisite for constructive art. Not every mathematician possesses in a specially high degree that critical faculty which finds its employment in the perfection of form, in conformity with the ideal of logical completeness; but every great mathematician possesses the rarer faculty of constructive imagination.
E. W. Hobson, Presidential Address British Association for the Advancement of Science (1910) Nature Vol. 84 p. 290 as quoted by Robert Édouard Moritz, Memorabilia Mathematica; Or, The Philomath's Quotation-book (1914) p. 184.
Mathematics
By relieving the brain of all unnecessary work, a good notation sets it free to concentrate on more advanced problems, and in effect increases... mental power... Probably nothing in the modern world would have more astonished a Greek mathematician than to learn that, under the influence of compulsory education, the whole population of Western Europe, from the highest to the lowest, could perform the operation of division for the largest numbers. This fact would have seemed to him a sheer impossibility.
Alfred North Whitehead, An Introduction to Mathematics (1911) Ch. 5, p. 59.
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