Last Updated 08 May 2020

Quantitative business problems

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One of the most popular ways to solve quantitative business problems is through the systems of equation. However, not all the equations give one solution. Rather, there are some equations that give one solution; some may give no solution, while others may infinite number of solutions. Furthermore, there are a number of ways to solve the equation. These methods include substitution, elimination and elimination through Gaussian matrices.

Challenges encountered were mainly not getting the answers in example two and three after tedious calculations. There are some particular situations for each of the outcomes. If two statements are logically incorrect (x+y cant be equal to 3 and 4 both), it would result in no solution. Thus, if such thing occurs, this means that there is the need to revisit the basic assumptions of the business or there may be some fault in translating the business problem into equations.

There are infinite solutions when two equations say the same thing. Thus, one need to include some other business constraint too, to get the answer.

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Barnett, R. A. , Byleen, K. E. , & Ziegler, M. R. (2007). Finite Mathematics for Business, Economics, Life Sciences and Social Sciences. Alexandria, VA: Prentice Hall. Deitz, J. E. , & Southam, J. L. (2008). Contemporary Business Mathematics for Colleges. Mason, OH: South-Western College Pub.

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