CMS2 500_Course Outline_summer 2023 - Google Docs

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Oct 30, 2023

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Mathematics for Management COURSE OUTLINE GENERAL INFORMATION Course Number CMS2 500 Section # 771 Term Summer Year 2023 Course Pre-requisite(s) CMSC 000 Foundations of Mathematics with a min of a B- OR Exemption By Examination Course Co-requisite(s) None Course Schedule Wednesdays 6:05pm-8:55pm COURSE LECTURER’S INFORMATION Name Dr. Vahid Kamali Email vahid.kamali2@mcgill.ca Office hours Wednesday 5pm–6pm (SH688 1047) COURSE OVERVIEW This course covers basic mathematics needed for business applications, including graphs of functions, series summation, mathematics of finance, annuity, discounted cash flow, internal rate of return, permutations, combinations, maxima and minima of functions with business applications in optimization, introductory statistics and probability. LEARNING OUTCOMES This course comprises three parts that are essential in management: 1) Mathematics of finance, 2) Introduction to combinatorics, statistics and probability, and 3) Introduction to infinitesimal calculus and optimization. At the end of this course students will be able to: 1 - have a good understanding of the basics and terminology of finance. 2 - use appropriate data to compute a wide range of notions related to mortgages, annuities, bonds, etc. 3 - understand and use the basics of combinatorics such as counting principles and permutations. 4 - form the appropriate sample space for a given problem and be able to find the probability of a set of outcomes. 5 - understand and compute essential notions in statistics such as variance, standard deviation, etc. 6 - implement tools from the calculus of infinitesimals such as differentiation to solve optimal value problems. These tools are essential in making any business model or taking any advanced course in mathematics of finance. McGill School of Continuing Studies - Page 1

INSTRUCTIONAL METHOD Mode of Delivery: In class lectures. Attendance is strongly encouraged but not mandatory. When a student cannot attend a lecture, it is their responsibility to read the relevant missed chapters. Practice problems will be posted on my Courses. They will not be marked. However, solving all of them is crucial to improving your understanding of the material covered in the course. Roughly speaking, for each 3 hours of course lecture, students are expected to spend at least 6 hours studying the material and solving problems. REQUIRED COURSE MATERIAL Mathematics for Management, 3rd Custom Edition, Pearson Learning Solutions, ISBN: 978-1-323-24391-6 OPTIONAL COURSE MATERIAL ASSIGNMENTS AND EVALUATIONS **THE PASSING GRADE FOR THIS COURSE IS 65%.** The marking scheme in this course will be: Quizzes (15%) + Midterm (25%) + Final exam (60%) There will be 3 quizzes, each worth 5% of the total mark. Only scientific non-programmable calculators are permitted. No financial calculators and no calculators capable of storing text. The weekly suggested problems are an integral part of the course workload. It is the student’s responsibility to complete them in order to understand the material covered. Assessment Item Due Date % Quiz 1 May 24 5% Quiz 2 Jul 5 5% Quiz 3 Jul 26 5% Midterm Jun 14 25% Final Exam TBD 60% McGill School of Continuing Studies - Page 2

DETAILED COURSE CONTENT Class Date Content Description 1 May 3 Pre-class reading: Appendices A & B, Chapter 1, Chapter 2 sections 1, 3 and 4 A very quick review of functions, quadratic functions, polynomial and rational functions Chapter 2, sections 5, 6; Chapter 3, sections 1, 2 Exponential Functions; Logarithmic Functions; Simple Interest; Promissory Notes 2 May 10 Chapter 3, sections 3, 4, 5, 6, 7 Treasury Bills; Demand Loans; Compound and Continuous Compound Interest; Future Value of an Annuity; Present Value of an Annuity 3 May 17 Chapter 3, section 8; Chapter 4 sections 1, 2 Residential Mortgages; Purchase Price of Bonds; Premium and Discount 4 May 24 QUIZ 1 Chapter 4, section 5; Chapter 5, section 1 Sinking Funds; Discounted Cash Flow 5 May 31 Chapter 6, sections 1, 2; Chapter 7 sections 1, 2 Basic Counting Principles; Permutations and Combinations; Sample Spaces, Events and Probability; Union, Intersection and Complement of Events 6 Jun 7 Chapter 7, sections 3, 4, 5; Chapter 8, section 1 Conditional Probability and Independence; Bayes’ Formula; Random Variable, Probability Distribution and Expected Value; Graphing Data 7 Jun 14 MIDTERM 8 Jun 28 Chapter 8, sections 2, 3, 4, 5 Measures of Central Tendency; Measures of Dispersion; Bernoulli Trials and Binomial Distributions; Normal Distributions 9 Jul 5 QUIZ 2 Chapter 9, sections 1, 2, 3, 4 Introduction to Limits; The Derivative; Basic Differentiation Properties; Differentials 10 Jul 12 Chapter 9, section 5; Chapter 10, sections 1, 2, 3, 4 Marginal Analysis in Business and Economics; The Constant e and Continuous Compound Interest; Derivatives of Exponential and Logarithmic Functions; Derivatives of Products and Quotients; The Chain Rule 11 Jul 19 Chapter 10, sections 5, 6, 7; Chapter 11, section 1 Implicit Differentiation; Related Rates; First Derivative and Graphs 12 Jul 26 QUIZ 3 Chapter 11, sections 2, 3, 4 Second Derivative and Graphs; Absolute Maxima and Minima; Optimization 13 Aug 2 Review McGill School of Continuing Studies - Page 3

Grading System Undergraduate Courses You must obtain a grade of C or better in courses that you take to fulfil program requirements. You may not register in a course unless you have passed all the prerequisite courses with a grade of C or better, except by written permission of the appropriate department chair. Graduate Courses You must obtain a grade of B- or better in courses that you take to fulfil program requirements. You may not register in a course unless you have passed all the prerequisite courses with a grade of B- or better, except by written permission of the appropriate department chair. What does a final course grade of “J” mean? A “J” grade is a failing grade due either to (i) an unexcused absence for an official final exam, or (ii) failure to submit required work worth more than 20% of the final grade for the course as a whole. A “J” is calculated as a failure in the TGPA and the CGPA. Graduate Level Grade Undergraduate Level (85-100%) Pass A (85-100%) (80-84%) A- (80-84%) (75-79%) B+ (75-79%) (70-74%) B (70-74%) (65-69%) B-* (65-69%) C+ (60-64%) C (55-59%) D ** (50-54%) (0-64%) Failure F (0-49%) Failure Pass P Pass * B- is the minimum required grade for all Certificate in Translation courses & CMSC000. ** Although a D is a passing grade, it will not permit entry into a subsequent course for which it is a prerequisite, and nor will it be recognized if the course is a required course in your program. To learn more about University letter grades , visit this page: https://www.mcgill.ca/study/2018-2019/university_regulations_and_resources/continuing/scs_gi_student_records_grading_ grade_point_average . To learn more about assessment of student work , consult this page: https://mcgill.ca/secretariat/files/secretariat/2016-04_student_assessment_policy.pdf . Final Grades The official final course grade is the one that appears in Minerva. An unofficial final grade appearing in other locations may be subject to change. The School of Continuing Studies reserves the right to correct mistakes. Important Information Land Acknowledgment McGill University is located on land that has long served as a site of meeting and exchange amongst Indigenous peoples, including the Haudenosaunee and Anishinabeg nations. McGill honours, recognizes, and respects these nations as the traditional stewards of the lands and waters on which we meet today. McGill School of Continuing Studies - Page 4

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