Module Two Essay Example | Topics and Well Written Essays - 500 words

Module Two - Essay ExampleHere is a generic form of cash in ones chips4. Economic Order Quantity (EOQ) formula is also represented as a function. EOQ is the number of units in an order that minimizes the total costs. EOQ is a function of frame-up costs and the cost of holding inventories.7. Make or Buy decisions are the most important decisions made by the managers. Managers define the models as functions and then work up decision for whether to produce the materials themselves or outsource them.9. Forecasting of various variables can be represented using functions. For instance if we want to predict the next grade profit then we will first find out the linear equation from the past data using regression tools and then we can hardly put the value of the year for which we want to predict the profits.Sets are fundamental concept of mathematics. A come is a well-defined collection of objects. For instance, a set of people who have defaulted on loans amounting $500,000. The set theo ry involves operation related to sets (union, intersection and complement etc.). These sets are also vital for business applications. For example, lets say that,The set theory has a limited usage in business world but set theory concepts provide a useable vehicle for presenting and discussing probability concepts. These probability mechanisms are applied thoroughly in business world. Fuzzy set theory is also an emerging concept that is existence applied now days for business