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

Module Two - Essay ExampleHere is a generic stochastic variable of function4. Economic Order Quantity (EOQ) formula is also delineate as a function. EOQ is the take of units in an order that minimizes the total costs. EOQ is a function of squ atomic number 18 offup costs and the cost of holding inventories.7. withstand or Buy decisions are the most important decisions made by the managers. Managers define the models as functions and whence make decision for whether to produce the materials themselves or outsource them.9. Forecasting of various variables toi permitte be represented using functions. For instance if we want to predict the next year profit then we will early find out the linear equation from the past data using regression tools and then we can simply put the value of the year for which we want to predict the profits.Sets are fundamental fantasy of mathematics. A set is a well-defined collection of objects. For instance, a set of people who have defaulted on loans amounting $500,000. The set theory 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 universe but set theory concepts provide a useful 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 being applied now days for business