Managerial, Life and Social Sciences
Mathematics for Managerial, Life and Social Sciences is one of the ten specially designed ePrep courses meant to help NSFs, NSmen and others to better prepare themselves for university studies, whether in a local university in Singapore, or in a university overseas.
Poor comprehension of mathematics is often listed as the major cause of poor academic performance in universities. This is true not only in the case of engineering and physical science students. It has been found to be true among the managerial, life and social science students as well.
This Mathematics for Managerial, Life and Social Sciences ePrep course is developed in collaboration with the publishers of the textbook, Applied Mathematics for Managerial, Life and Social Sciences by Soo T Tan. The textbook comes free with the course, together with lots of good learning materials provided by the publishers. You can see some samples materials below. After studying this course, you will have built a very strong foundation in mathematics that will enable you to deal with the mathematical requirement of your university studies.
In the course site, good learning materials on a few other subjects are also made available. Samples are also provided below. Together, they enable a student to be very well prepared for their university studies, in any discipline.
A retired NTU professor is acting as the tutor. He can be reached via email or WhatsApp messaging.
Audio: Intro to Mathematics for Managerial, Life and Social Sciences.
Main Course Contents
- FUNDAMENTALS OF ALGEBRA.
- FUNCTIONS AND THEIR GRAPHS.
- EXPONENTIAL AND LOGARITHMIC FUNCTIONS.
- MATHEMATICS OF FINANCE.
- SYSTEMS OF LINEAR EQUATIONS AND MATRICES
- LINEAR PROGRAMMING.
- SETS AND PROBABILITY.
- ADDITIONAL TOPICS IN PROBABILITY.
- THE DERIVATIVE.
- APPLICATIONS OF THE DERIVATIVE.
- CALCULUS OF SEVERAL VARIABLES.
The details of the topics are given here.
Learning materials for all chapters are provided, but for the purpose of certification, a student has to pass the tests for the first three chapters and any other three from the remaining nine chapters.
What You Get in this Course
I. Free Textbook
“Applied Mathematics for Managerial, Life and Social Sciences” is a very popular mathematics textbook for those doing managerial, life or social sciences degrees.
II. Free Consultation
A retired NTU professor is acting as the tutor. You can consult him via email or WhatsApp, even beyond the official course duration.
III. Materials Online
1 PowerPoint and video files.
2 Answers/solutions to all questions/problems in the textbook.
3 Online exercises.
4 Problems and solutions in files.
5 Bonus learning materials in geometry, trigonometry, more calculus, probability and statistics, as well as on other subjects such as physics, business finance, corporate finance, economics, engineering economy, biotechnology, life science, business ethics, engineering ethics, Python programming and psychology.
6 Samples of main course materials and bonus course materials are provided below.
IV. Digital Certificate
A digital certificate will be issued if you have successfully completed this ePrep course and passed all the tests at the end of each of the ten compulsory chapters.
Samples of Course Materials
1. Video Lesson (Logarithmic Function)
This short video lesson illustrates the relationship between base and exponent and the resulting number expressed in exponential form or logarithmic form.
2. Question and Answer (Linear Programming)
Question: A financier plans to invest up to $500,000 in two projects. Project A yields a return of 10% on the investment whereas project B yields a return of 15% on the investment. Because investment in project B is riskier than the investment in project A, the financier has decided that the investment in project B should not exceed 40% of the total investment. How much should she invest in each project in order to maximize the return on her investment?
Answer: Let x and y denote the amount (in thousands of dollars) to be invested in project A and project B, respectively. Since the amount available for investment is up to $500,000, we have
x + y ≤ 500
Next, the condition on the allocation of the funds implies that
y ≤ 0.4(x + y), –0.4x + 0.6y ≤ 0, or –2x + 3y ≤ 0
The linear programming problem at hand is
Maximize P = 0.1x + 0.15y subject to
x + y ≤ 500
–2x + 3y ≤ 0
x ≥ 0, y ≥ 0
Samples of Bonus Materials
1. Video Lesson on Business Finance (Intrinsic Value Vs Market Value)
This short video explains the differences between market price and intrinsic value of an asset such as stock and bond.
More on Business Finance ePrep Course
3. Question and Solution on Probability & Statistics (Probability Distribution)
Question: Suppose that the unemployment rate in a given community is 7%. Four households are randomly selected to be interviewed. In each household, it is determined whether or not the primary wage earner is unemployed. If the 7% rate is correct, find the probability distribution for x, the number of primary wage earners who are unemployed.
Answer: Let U be the event that the primary wage earner is unemployed and let E be the event that the primary wage earner is employed. There are 16 simple events with unequal probabilities.
p(0) = P[E∩E∩E∩E] = (.93)4 = .7481
p(1) = 4P(E)3P(U) = 4 (.93)3 (.07) = .2252
p(2) = 6P(E)2P(U)2 = 6 (.93)2 (.07)2 = .0254
p(3) = 4P(E)P(U)3 = 4 (.93) (.07)3 = .0013
p(4) = P[U∩U∩U∩U] = (.07)4 = .000024
4. Video Lesson on Corporate Finance (Pricing of an Asset)
5. Cross-Word Puzzle on Biotechnology (Animal Cloning)
6. Worked Example on Engineering Economy (Project Evaluation)
Question: A small airline executive charter company needs to borrow $160,000 to purchase a prototype synthetic vision system for one of its business jets. The SVS is intended to improve the pilots’ situational awareness when visibility is impaired. The local (and only) banker makes this statement: “We can loan you $160,000 at a very favorable rate of 12% per year for a five-year loan. However, to secure this loan, you must agree to establish a checking account (with no interest) in which the minimum average balance is $32,000. In addition, your interest payments are due at the end of each year, and the principal will be repaid in a lump-sum amount at the end of year five.” What is the true effective annual interest rate being charged?
Answer. The cash-flow diagram from the banker’s viewpoint appears below. When solving for an unknown interest rate, it is good practice to draw a cashflow diagram prior to writing an equivalence relationship. Notice that P0 = $160,000 − $32,000 = $128,000. Because the bank is requiring the company to open an account worth $32,000, the bank is only $128,000 out of pocket. This same principal applies to F5 in that the company only needs to repay $128,000 since the $32,000 on deposit can be used to repay the original principal.
The interest rate (IRR) that establishes equivalence between positive and negative cash flows can now easily be computed:
P0 = F5(P/F, i ′ %, 5) + A(P/A, i ′ %, 5),
$128,000 = $128,000(P/F, i ′ %, 5) + $19,200(P/A, i ′ %, 5).
If we try i ′ = 15%, we discover that $128,000 = $128,000.
Therefore, the true effective interest rate is 15% per year.
8. Python Programming (Calculating Hourly-Rated Wages)
def calcWeeklyWages(totalHours, hourlyWage):
if totalHours <= 40:
totalWages = hourlyWage*totalHours
overtime = totalHours – 40
totalWages = hourlyWage*40 + (1.5*hourlyWage)*overtime
hours = float(input(‘Enter hours worked: ‘))
wage = float(input(‘Enter dollars paid per hour: ‘))
total = calcWeeklyWages(hours, wage)
print(‘Wages = $’,total)
Enter hours worked: 50
Enter dollars paid per hour: 12
Wages = $ 660.0
9. Economics (Costs in the Short Run and in the Long Run)
1. The division of total costs into fixed and variable costs will vary from firm to firm
- Some costs are fixed in the short run, but all are variable in the long run.
- For example, in the long run, a firm could choose the size of its factory.
- Once a factory is chosen, the firm must deal with the short-run costs associated with that plant size.
2. The long-run average-total-cost curve lies along the lowest points of the short-run average-total-cost curves because the firm has more flexibility in the long run to deal with changes in production.
3. The long-run average total cost curve is typically U-shaped, but is much flatter than a typical short-run average-total-cost curve.
4. The length of time for a firm to get to the long run will depend on the firm involved.
5. Definition of the short-run: the period of time in which some factors of production cannot be changed.
6. Definition of the long-run: the period of time in which all factors of production can be altered.
10. Discrete Mathematics (Recurrence Relation)
These are some samples of the bonus materials on other subjects and they illustrate how comprehensive and broad-base this Mathematics ePrep course is for preparing students for their university studies or for their careers. While not all the bonus course materials may be of interest to the students who take up this ePrep course on Mathematics, they can choose which of these bonus course materials are of use to them and disregard the rest.
Remember not to short-change yourself – do not go for any of those low-grade courses prepared by any “Tom-Dick-And-Harry” who self-claim to be an industry expert or mathematics expert, especially if you are preparing for academic university studies or career advancement! You do not need thousands of such half-baked courses. As you can see, with this single Mathematics prep course, you have a good collection of materials on many other subjects as well. You also get a hard copy textbook “Applied Mathematics for the Managerial, Life and Social Sciences” textbook.
Go only for a high-quality specially-designed academic course such as this Mathematics e_prep course for getting you a head start in university, or in your career.
Example Applications of Mathematics in Various Fields
Here are some examples of applications of mathematics:
Applications of Exponential and Logarithmic Functions to Solve Growth Problems
- level of absorption of drugs
- forensic science to determine time of death
- growth of population, tumor, bacteria
- spread of diseases
- effect of advertisement on sales
Applications of Linear Programming to Solve Optimization Problems
- Social program planning
- investment-asset allocation
- agriculture-crop planning
- nutrition planning
Applications of Functions and Their Graphs
Deb Farace of Pepsico testified that she shared the mathematical model on how sale is impacted by weather with buyers and resulted in increase in sale because the buyers were able to better place buy orders according to demand due to different weather conditions.
Applications of Derivatives
Richard Mizak of Kroll Zollo Cooper testified that he used mathematical models to help distressed companies to improve their operations.
Who should take this ePrep course on Mathematics for Managerial, Life and Social Sciences?
Mathematics is a must-do course for almost all students as most students do not have a strong foundation in mathematics and weakness in mathematics is often the obstacle to proper learning and understanding the depth of a principle!
NTU PaCE offers two mathematics e_Prep courses. The Engineering Mathematics – Calculus is the course meant for those studying engineering, mathematics, or physical sciences and others who need a very strong mathematics foundation in their studies such as those doing data analytics, computer science, etc. While this Mathematics for Managerial, Life and Social Sciences e_Prep course is focused on those doing managerial, life, and social sciences, it is also very useful for those doing all other studies as well.
This e_prep course will not only provide the students with a very strong foundation in mathematics but also in many other subjects such as business finance, corporate finance, economics, engineering economy, life science, biotechnology, physics, mechanics, ethics, Python programming, discrete mathematics, and psychology.
Even for those not going to any university due to various reasons, this is an opportunity to enhance their mastery of the many mathematical concepts involved in the issues they face, and to prove that they are capable of completing a university-level course. A certificate may come in handy when applying for a job.
Everyone is welcome and there is no pre-requisite as there are introductory materials and also we will provide the necessary guidance for those who need it.