Mathematics plays an important role in shaping the industries. It is not merely the investment, selling shares, bonds etc. and finding the profit and loss after each quarter that require the use of mathematics but it will be wise to say that companies decide its every steps on the basis of mathematical calculation.
Here are the two computers on sale in two different shops. The first shop gives 50% +40% discounts where as the second offers 80% discount, the question arises in the mind of a customer which shop to go to buy computer? A customer with no knowledge of mathematics will certainly go to the first shop but a customer who knows that the successive discount given by the first shopkeeper though looks luring but purchasing computer from the second shop will be better.
Suppose the cost of the computer is Rs. 40000
50% discount = 40000 x 50% = 20000
Selling price after the discount = 40000-20000 = 20000
40% discount = 20000 x 40% = 8000
Selling price after the discount = 20000-8000 = 12000
i.e. the customer has to pay Rs12000 for purchasing the computer from the first shop. Now calculate the price one has to pay for purchasing the computer from the second shop.
Cost of computer = Rs40000
80%discount = 40000 x 80% = 32000
Selling price after the discount = 40000-32000 = 8000
I think most of you might be thinking what is the use of differentiation, integration, algebra, and other branches of mathematics in daily life? I was thinking the same until I joined Master degree in Operation Research. During the second year of the course each one of us had to do a project for a company. I, too, had taken a project in IFFCO on Demand Forecasting and Supply Plan for Urea. Working hundreds of hour on computer and applying different statistical forecasting technique I prepared the report. Later I joined an MNC which was developing the Science software mostly on the subjects like Mathematics and Operation Research and there I learnt the use of mathematics in big- big organizations. This part of the chapter will deal with few areas where mathematics is widely used by the companies.
The use of PERT (Programme Evaluation and Review Technique) and CPM (Critical Path Method) technique for the effective management and control of their construction project is widely used by the construction companies.
Use of Assignment models for the allocation of their salesmen to different areas so as to maximize profit is also used by most companies deal in direct sales.
Many companies which manufacture clothes take the help of Linear Programming for blending of cotton. Transportation Method is also used by the companies for minimizing the transportation cost. Manufacturers also make use of calculas in order to be able to utilize raw materials most effectively. Every companies work on the principle: Maximum Profit and Minimum Cost: and that they need the help of LPP. Another problem the companies face is the distribution of materials and products from the plants or warehouses to the shop of retailers or stockists. There are various ways to transport the material from warehousing to shops and cost of each mode is different. Mathematics help the industries to chose the best possible options.
The technique of LPP is also used in business to work out the allocation of resources and to fix levels of production that will create the highest possible profits at the lowest possible cost.
Surveying the market, collection of data from each house before launching the new product in the market is very popular these days; but have you ever thought what the companies do with these data. They take the help of statisticians who apply the statistical method to tell the manufacturer how will the market behave with their products, how much inventory they should keep so that they can meet the market demand etc,etc..
You must have heard of some special brand of products which your family members buy because they trust the quality of that brand. There is a government agencies which test the product and give some mark such as ISI, Agmark etc; this mark on a product guarantee a customer that certain item is a quality product. But you will be surprised to know that whether the product is standard or sub-standard is determined by SQC (statistical quality control) technique.
Companies also use mathematics for Inventory related problem, for minimizing the cost of the product, minimizing the loss and maximizing the profit.
The use of probability is not limited. It has been used to calculate the positions and velocities of electrons orbiting around the nuclei of atom in electron physics. With the help of probability theory it is possible to calculate the percentage of individuals with like and unlike traits in the successive generations.
Recent Cola controversy which put the popularity of Cola companies at stake after the CSE published its report that the amount of pesticides in cola sample is more than the desired level; was based on the statistical method.
The design of an airplane or aircraft requires the use of computational fluid dynamics, partial differential equation and many more mathematical components.
Telecommunication industries, computer industries, pharmaceutical industries are the name of the few industries where mathematics is widely used.
Apart from the above mentioned technique many more techniques are widely used in the industries which are based on mathematics. When you shall grow you will find that mathematics is the most trusted subject and no one can walk a single step without mathematics.
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