This essay demonstrates that professional knowledge in math is crucial for managers as they should have excellent problem-solving and decision-making skills backed up by data analysis and evaluation. Problem-solving and decision-making process requires taking samplings many times…
Problems (including company’s capital analysis, the return on investment, the gross margin percentage, the break-even point,) should be manipulated by manual labor, through use of paper and pencil and desk calculators, or by electronic computers (Navarro, 2005). Math skills also make feasible the construction and conducting of experiments. Able to handle large amounts of data rapidly, they save researchers days or weeks in the search for information. They permit the compression of many years of marketing experience into a brief period.
Without the ability to identify main indexes and accounting coalitions, the MBA degree can be used in a limited number of business spheres. Through this approach can be subjected to manipulations in a manner that would be impractical or impossible in an actual business. For example, changing prices abruptly, altering products, or introducing different delivery or service policies could drastically affect a company. If such departures could be simulated and the operations on the model could be studied, then their consequences in the actual business situation might be inferred, without interrupting operations and incurring possible rebuff. Preferably, information should be gained and problems should be solved analytically if these can be done readily (Navarro, 2005). Often math skills become necessary where alternative policies that affect growth, profitability, and market position are being evaluated. Actual marketing situations are frequently too complex to be handled by available mathematical models or mathematical analysis. Essentially they are training devices that add new dimensions and greater emotional involvement on the part of participants; hence, they are good motivational devices and teaching tools (Navarro, 2005). ...
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