Quantitative Methods (10 Chapters)

Chapter I
Matrices and Determinants
Aim
The aim of this chapter is to:
introduce the concept of matrices
know the matrix determinant
describe the applications of determinants
Objectives
The objective of this chapter is to:
understand the uses of matrices and determinants
elucidate the applications of matrices in various fields
explicate the properties of determinants
Learning outcome
At the end of this chapter, you will be able to:
enlist different types of matrix
discuss the basic operations on matrices
understand the special forms of matrices
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Quantitative Methods
1.1 Introduction
The study of matrices and determinants is of immense significance in business and economics.
We find the application of matrices and determinants in various topics of economics and management such as linear
programming, theory of games, general equilibrium analysis, matrix multiplier, input-output analysis and so.
With the help of matrices and determinants, we can solve equations and system of equations.
1.2 Matrix
A matrix is simply a set of numbers arranged in a rectangular table.
It is written in either ( ) or [ ] brackets.
A set of numbers arranged in a rectangular array of m rows and n columns, of an order m x n (Read as m by
n).
A=
Matrices are used to solve problems in:

electronics
statics
robotics
linear programming
optimisation
intersections of planes
genetics
Matrix Notation:
A matrix is written with ( ) or [ ] brackets.
Do not confuse a matrix with a determinant which uses vertical bars | |. A matrix is a pattern of numbers; a
determinant gives us a single number. The size of a matrix is written: rows columns.
1.3 Types of Matrix

1.3.1 Row Matrix
A matrix having a single row is called a row matrix.
A=
1.3.2 Column Matrix

A matrix having a single column is called a column matrix.
A=

1.3.3 Square Matrix

A matrix having equal number of rows and columns is called a square matrix.
A=
1.3.4 Zero or Null Matrix

A matrix having each and every element as a zero is called zero or null matrix.
A=
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1.3.5 Diagonal Matrix
A square matrix having all elements zero except the principal diagonal elements is called a diagonal matrix.
Matrix elements as a11 , a22 , a33 etc are called principal diagonal elements.
A=
1.3.6 Unit or Identity Matrix

A square matrix which is a diagonal matrix having all principal diagonal elements as one (unity).
A=
1.3.7 Equal Matrices

Two matrices A and B are said to be equal if A and B have the same order and each and every element of matrix A
is equal to the corresponding element of matrix B.
A=
1.4 Operations on Matrices
1.4.1 Addition of Two Matrices

Necessary Condition: The two matrices must be of same order.
Properties
Consider A, B, C matrices having the same order.
(A+B) =( B+A)
A+(B+C) = (A+B)+C
A+ zero matrix = A
1.4.2 Subtraction of Two Matrices

Necessary Condition
The two matrices must have the same order.
Properties
Consider A, B and C are the matrices having same order.
A-B = -(B-A)
A-(B-C) = (A-B)-C=(A-C)-B
A - zero matrix = A
A A = zero matrix
1.4.3 Scalar Multiplication of a Matrix

Necessary Condition: Scalar must not be zero.
A=
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Procedure
Let any non-zero scalar be Ka . and matrix
A
then scalar multiplication is denoted by
KA=
1.4.4 Multiplication of Two Matrices

Necessary Condition:
Order is important in matrix multiplication. AB is not always equal to BA.
The number of columns of the first matrix must match the number of rows of the second matrix.
If the order of matrix A is m n and of matrix B is n l then the order of the resultant matrix of AB must be m l
Properties
Consider A, B, C are matrices.
AB = BA
ABC = (AB)C = A(BC)
A(B+C) = AB + AC
AI = IA = A
1.5 Determinants
A determinant of a matrix represents a single number.
We obtain this value by multiplying and adding its elements in a special way.
We can use the determinant of a matrix to solve a system of simultaneous equations.
For example, if we have the (square) 2 2 matrix: then The determinant of this matrix is written within vertical
lines as follows:
A=
1.5.1 Singular and Non-singular Matrices

A square matrix A is said to be singular if |A| = 0.
A square matrix A is said to be non-singular if |A|0.
Examples
1. Consider matrix A = 3 -6 then |A| = 3 -6 = 0
1 -2 1 -2
Therefore, matrix A is called a singular matrix.
2. Consider matrix A = 2 4 then |A| = 2 4 = 08
-5 -6 -5 -6
Therefore, matrix A is called a non-singular matrix.
1.6 Properties of Determinants:

The value of determinants remains unchanged if its rows and columns are interchanged
If any two rows/columns of a determinant changes by minus sign only
If any two rows or columns of a determinant are identical, then its value is zero
If each element of a row/column of a determinant is expressed as a sum of two or more terms, then the determinant
can be expressed as the sum of two or more determinants
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If each element of a row/column of a determinant is multiplied by the same constant and then added to the
corresponding elements of some other row/column, then value of determinant remains same
If each element of a row/column of a determinant is zero, then its value is zero
1.7 Difference between Matrices and Determinants
Features Matrices Determinants

A determinant is a square array of
A matrix is simply a set of numbers numbers (written within a pair of vertical
Definition:
arranged in a rectangular table. lines) which represents a certain sum of
products.
Way of writing It is written in Brackets It is written in two straight lines
These are resulted in set of numbers

Result These are resulted in single number.
grouped in bracket.
Scalar multiplication affect all the Scalar multiplication only affects single
Affection
numbers in the matrix row and single column.
Nature Matrices contain many elements It has single number.
Value Matrices can be negative Determinants are always positive.
Table 1.1 Difference between matrices and determinants
1.8 Uses and Applications of Matrices and Determinants

Graph theory:
The adjacency matrix of a finite graph is a basic notion of graph theory.
Linear combinations of quantum states in physics:
The first model of quantum mechanics by Heesenberg in 1925 represented the theorys operations by
infinite dimentional matrices acting on quantum states. This is also referred to as Matrix Mechanics.
Computer graphics
4x4 transformation rotaion matrices are commonly used in computer graphics.
Solving linear equations:
Using row reduction
Cramers rule (Determinants)
Using the inverse matrix
Cryptography:
It consists of Encryption and Decryption.
In Encryption data is converted into some unreadable form.
In decryption data, encrypted data converted into readable form.
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1.9 Solutions to System of Linear Equations

Consider system of equations as,
a1x + b1y = c1 ..(1)
a2x + b2y = c2 ..(2)
Note:
x, y are variables of the equations. a1 ,b1 , a2 , b2 are coefficients of variables c1 , c2 are constants. then the solution
can be obtained by Crammers Rule as follows:
step 1: Solve the determinant of coefficients of variables say delta
=
Step 2: Solve the determinant replacing constants in the place of coefficients of variable x say delta x ( )x
=
Step 3: Solve determinant replacing constants in the place of coefficients of variable y say delta y ( )y
=
Step 4: Obtain solution as

x = / and y =
Note: For a system of three variables obtain solution as, x = / and y = z= /
Solved Examples:
1) Solve 2x+3y = 9
-x + y = -2
Using Crammers Rule
= 2+3 = 5
x=
= 9+6 = 15
y=
= -4+9
=5
Therefore, solution is as x = / = 15/5 = 3, y = = 5/5 = 1
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Summary
A matrix is defined as a rectangular array of elements.
If the arrangement has m rows and n columns, then the matrix is of order mxn (read as m by n).
A matrix is enclosed by a pair of parameters such as ( ) or [ ]. It is denoted by a capital letter.
Two matrices are said to be comparable if they have the same order.
Addition and subtraction of two matrices is possible only if they have the same order.
If two matrices A and B are of same order, then A - B = A + (- B).
Commutative law, associative law holds good for addition of matrices.
The additive identity of a matrix A of order mxn is the zero matrix of order mxn.
The additive inverse of a matrix A is -A.
The multiplication of two matrices A and B is possible if the number of columns of A is equal to the number
of rows B.
Suppose A is a matrix of order mxn and B is a matrix of order nxp, the matrix AB is of order mxp.
Matrix multiplication is not commutative, i.e., AB BA (always)
Associative law holds good for matrix multiplication, i.e., (AB)C = A(BC)
Matrix multiplication is distributive with respect to addition A(B + C) = AB + AC or (A + B)C = AC + BC
If A is a matrix of order mxn and is a scalar (real or complex) then the matrix kA is obtained by multiplying
each element of A by k.to every square matrix, a value can be associated which is known as the determinant
of the matrix.
Note that the determinant of kA where k is a scalar and A is a square matrix, is given by kn times determinant
of A.i.e., is |kA| = kn |A|
References
Dr. Kala, V. N. and Rana, R., 2009. Matrices, 1st ed., Laxmi Publication ltd.
Jain, T. R. and Aggarwal, S. C.,2010. Business Mathematics and Statistics, V.K Enterprises.
Jain, T. R. and Aggarwal, S. C., 2009. Quantitative Methods. FK Publication.
Bird, J. O., 2001. Newnes engineering mathematics pocket book, Butterworth and Hannmen.
Williams, G., 2009. Matrices and determinants, 7th ed., Jones and Bartlett Publications.
Poole, D., 2005. Linear Algebra, 2nd ed., Cengage learning.
Recommended Reading
McMahon, D., 2005. Linear Algebra Demystified, McGraw-hill publication.
Anton, H., 2010. Elementary Linear Algebra, 10th ed., FM Publications.
Greub, W., 1975. Linear Algebra graduate texts in mathematics, Springer.
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Chapter II
Mathematical Logic
Aim
introduce the mathematical logic
describe the operations of logic
highlight the tautology and contradiction
Objectives
The objectives of this chapter are to:
explain logical connectivities
elucidate laws of algebra of propositions
explicate compound statement
Learning outcome
At the end of this chapter, you will able to:
understand the use of mathematical logic in defining management problems
solve the complex procedures into simpler form
discuss statement and the truth table
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2.1 Introduction
Mathematical logic
Mathematical Logic is a tool for providing precise meaning to mathematical statements.
It includes:
A formal language for expressing them.
A concise notation for writing them.
A methodology for objectively reasoning about their truth or falsity
2.1.1 Statement
A statement/simple statement, or a proposition, is a declarative sentence that is either true or false, but not
both
Simple statement is basic building block of logic
2.1.2 Compound statement

0Compound statement is combination of two or more statements. E.g. Today is Friday and Today is Holiday
2.1.3 Truth Table

The value of statement is represented by Truth table. Only TRUE (T) and FALSE (F) is appeared in Truth
Table.
The compound statements are basically connected with the connectives:
Negation
Conjunction
Disjunction
Conditional
Bi-conditional
Symbols p, q, r, called statement variables
Symbols ~, , , , and are called logical connectives
If A and B are statement formulas, then the expressions (~A), (A B), (A B), (A B) and (A B) are
statement formulas
Expressions are statement formulas that are constructed only by using above statements
Truth value (Truth)

One of the values truth or falsity assigned to a statement
True is abbreviated to T or 1
False is abbreviated to F or 0
Negation (Falsity)
The negation of p, written p, is the statement obtained by negating statement p
Truth values of p and p are opposite
Symbol ~ is called not ~p is read as not p
Example:
p: A is a consonant.
~p: it is the case that A is not a consonant.
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Precedence of logical connectives is:

~ highest
second highest
third highest
fourth highest
fifth highest
2.2 Logical Connectives

2.2.1 Conjunctions:
Conjunction is the combination of statements using AND
The conjunctions of two statements are TRUE, only if each component is True
It is represented by the sign ^
p q p^q
T T T
T F F
F T F
F F F
Table 2.1 Conjunction table
2.2.2 Disjunction:
Disjunction is the combination of statements using OR
The conjunction of two statements is true if either one component is true
It is represented as sign v
p q pvq
T T T
T F T
F T T
F F F
Table 2.2 Disjunction table
2.2.3 Negation:
Negation is the NOT of a simple statement
The Truth value of negation of a statement is the opposite of the truth value of the original statement
It is represented as sign ~
p -p
T F
F T
Table 2.3 Negation table
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2.2.4 Conditional:
Conditional statement is the statement in the form, if p, then p implies q
The conditional pq is true unless p is true and q is False
It is represented as sign
p q p q
T T T
T F F
F T T
F F T
Table 2.4 Conditional table
Bi-conditional:
Bi-conditional is statement in the form p if and only if q or p if q
If p and q have the same value, pq is true, otherwise will be False
It is represented as sign
p q p q
T T T
T F F
F T F
F F T
Table 2.5 Bi-conditional table
2.3 Tautology and Contradiction

Tautology: A statement is said to be a tautology if it is true for all the truth value of its components
Contradiction or Fallacy: A statement is said to be a contradiction if it is false for All the truth value of its
components
2.4 Laws of Algebra of Propositions

Identity:
p V p p p p p p p T p p T
p V T T p T p p T T p T p
p V F p p F F p F ~p p F ~p
T p p
FpT
Commutative:
p V q q V p p q q p p q q p p q q p

Complement:
p V ~p T p ~p F p ~p ~p p ~p F ~p p p
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Double Negation:
~(~p) p
Associative:
p V (q V r) (p V q) V r
p (q r) (p q) r
Distributive:
p V (q r) (p V q) (p V r)
p (q V r) (p q) V (p r)
Absorbtion:
p V (p q) p
p (p V q) p

De Morgans law:
~(p V q) ~p ~q
~(p q) ~p V ~q

Equivalence of Contrapositive:
p q ~q ~p
Others:
p q ~p V q
p q (p q) (q p)
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Summary
Mathematical logic is logic relevant to the study of mathematics, logic relies on the following:
A statement (or a proposition) may be described as an assertive sentence, which is either true or false,
but not both.
The statements formed by combining two or more simple statements with logical connectives are called
compound or composite statements. True' or False' are called the truth values of a statement. If a
statement is true, then its truth value is True' denoted by T'. If a statement is false, then its truth value
is False' denoted by F'.
It is a tabular form showing the truth values of various simple and compound statements in a number
of rows and columns.
The statements are described in Negation, Conjunction, Implication, Dissjunction.etc.
Two statement patterns s and s are said to be logically equivalent if they have identical truth tables.
Tautology: A statement is said to be a tautology if it is true for all the truth value of its components.
References
Fulda, J. S., 1993. Exclusive Disjunction and the Bi-conditional: An Even-Odd Relationship, Mathematics
Magazine.
Hallie, P. P., 1954. A Note on Logical Connectives, Mind 63.
Dean McCullough, P., 1971. Logical Connectives for Intuitionist Propositional Logic, Journal of Symbolic
Logic.
Wansing, H., 2006. Logical Connectives for Constructive Modal Logic.
Recommended Reading
Leidn university, 2003. Introduction Probability and Statistics [PDF] Available at: <http://www.math.leidenuniv.
nl/~redig/lecturenotesstatistics.pdf>. [Accessed 14 October 2010].
DeCoster, J. (1998). Introductory Statistics Notes [PDF] Available at: <http://www.stat-help.com/intro.pdf>.
[Accessed 14 October 2010].
Richald, Statistics: Lecture Notes [Online] Available at: <http://people.richlan,.edu/james/lecture/m170>.
Hon, K., An Introduction to Statistics [PDF] Available at: <http://www.artofproblemsolving.com/LaTeX/
Examples/statistics_firstfive.pdf>. [Accessed 14 October 2010].
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Chapter-III
Set Theory
Aim
define set
introduce the De Morgan's law
highlight operations on sets
Objectives
understand the types of sets
elucidate the list of symbols
explicate null and universal sets
Learning outcome
understand standard sets
discuss the applications
comprehend the concept of intersection and complementary set
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3.1 Definition
A set is a collection of well-defined objects enclosed in curly brackets, generally denoted by capital letters.
The objects which form the set are called elements or members of the set.
e.g. A = {1,2,3,100}= set of numbers from 1 to 100

V = {a,e,i,o,u }= set of all vowels
3.2 Standard Sets

N = set of all natural numbers = {1,2,3,4}
Z = set of all integers = {.. 3,-2,-1,0,1,2,3,.}
Q = set of all rational numbers = {p/q : p, are integers , q0}
R = set of all real numbers
3.3 Types of Sets

Different types of sets are explained below:
3.3.1 Finite set: If the set contains a finite number of elements it is called a finite set. A= {10,20,40}
3.3.2 Infinite set: If the set contains an infinite number of elements it is called an infinite set.
A= {10,20,40,..}
3.3.3 Null set or Empty set: The set having no element is called a null set or an empty set. It is denoted by
the symbol '.
A= or A= {}
3.3.4 Universal set

A set of all possible outcomes of all the sets is called Universal set. It is denoted by the letter U
Let A = {1,2} B= {2,3,4} C= {5,6,7,8} then Universal set can be defined as U = {1,2,3,4,5,6,7,8}
Or U = {x | x 8 }
3.4 List of Symbols

Following are list of symbols:
3.4.1 Belongs to () : x A : x is an element of set A If A = set of all the capital letters of the English
alphabet. X = element x has value B' then
x is one of the elements of set A and can be written as x A and read as x belongs to set A.
3.4.2 Not Belongs to ( ) : x A : x is not an element of set A

If A= set of all capital letters of the English alphabet.
x= element x is having value b
then value of x is b (i.e. small b and not capital B) Thus, it is not an element of set A and can be written as x
A and read as x does not belong to set A.
3.4.3 Equal to ( = ) : A = B : A and B are equal sets.

Let A= {1,2,3} B= {1,2,3} then A = B
A= {10,20,30}B= {20,30,10}even then A = B
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3.4.4 Not Equal to ( ) : AB : A and B are unequal sets.

Let A= {1,2,3} B= {10,20,30} then A B
A= {10,20,30}B= {20,30,10,40} even then A B
3.4.5 Subset () : A B : Set A is a subset of set B

Let A={1,2,3,4} B={1,2,3,4,5,6}
Since every element of set A is also an element of set B, A is called subset of B.
Symbolic representation as x B for A [: all or every]
Therefore, A B
3.4.6 Not a Subset ():

A B: A is not a subset of B
Let A={1,2,3,4} B={2,3,4,5,6}
Since every element of set A is not an element of set B, A is not a subset
of B. Symbolic representation is as x B for x A [ : all or every ]
Here, an element having value 1 is in A but it is not in set B [ 1A but
1B] Thus, A B.
3.5 Operations on Sets

Operations on sets are explained below.
3.5.1 Union (): A B: Union set of sets A and B It contains all the elements of set A as well as set B.
If A= {a, b, c, d, e}B = {d, f, g}then A B = {a, b, c, d, e, f, g}
3.5.2 Intersection ():

A B: Intersection set of sets A and B
It contains all the elements which are common to set A and set B.
If A= {a, b, c, d, e} B = {d, f, g} then A B = {d }
If there is no common element between the two sets A and B then the sets are called Disjoint sets. Or if A B =
then sets A and B are called Disjoint sets.
Let A= {1,2,3} B={4,5,6} then A B =
3.5.3 Complementary Set ( or ) :

A or A : Complementary set of A. If a set has all elements of a Universal set except the elements of set A,
then that set is called the complementary set of A. It is denoted by A or Ac
Let U = {1,2,3,4,5} A= {1,3} then A or Ac = {2,4,5}
Difference ( - ) : AB : Different set of sets A and B.

The different set of two sets A and B are the set of elements of A which
are not in B and is denoted by A B
Let A = {1,2,3,4,5,6,7} B = {2,4,6}
then A- B = {1,3,5,7 }
Note that A B B A
The different set of two sets B and A is the set of elements of B which are
not in A and is denoted by B A
Let A = {1, 2, 3, 4, 5, 6, 7} B = {2, 4, 6}
then B A = { }=
Example:
Let A= {1, 2, 3, a} B= {1, 2, b, c, l, m}
then A- B = {3, a}
B- A = {b, c, l, m}
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Cartesian Product (x): A x B: Cartesian product of sets A and B.
For non-empty sets A and B, A x B is the set of all ordered pairs (a, b) of
elements a A , b B
Thus, A x B = {(a, b): a A, b B}
Note that A x B B x A
Example:
Let A= {a, b, c} B = {1,2}then
A x B = {(a, 1) (a, 2) (b, 1) (b, 2) (c, 1) (c, 2) }
B x B = {(1, 1) (1, 2) (2, 1) (2, 2) } Note that (1, 2) (2, 1)
3.6 De Morgans Law

The complement of the union of two sets is equal to the intersection of
their complements.
(AB) = AB or (A B)c = Ac Bc
0The complement of the intersection of two sets is the union of their
complements.
(AB) = AB or (A B)c = Ac Bc
Some more results:

If A is a finite set, then we denote the number of elements in A by symbol n(A) or m(A)
Consider A and B as finite sets then,
n(AB) = n(A) + n(B)- n(AB)
n(ABC) = n(A)+n(B)+n(C)- n(AB)- n(BC)- n(AC) + n(AB
3.7 Application:
All mathematical concepts are now defined formally in terms of sets and set theoretic concepts. For example,
mathematical structures as diverse asgraphs,manifolds,rings, andvector spacesare all defined as sets having
various (axiomatic) properties
Equivalenceandorder relationsare ubiquitous in mathematics, and the theory ofrelationsis entirely grounded
in set theory
Set theory is also a promising foundational system for much of mathematics, i.e. all mathematical theorems
can be derived using an aptly designed set of axioms for set theory, augmented with many definitions,
usingfirstorsecond order logic
For example, properties of thenaturalandreal numberscan be derived within set theory, as each number system
can be identified with a set ofequivalence classesunder a suitablerelation whose field is someinfinite set
Set theory as a foundation formathematical analysis,topology,abstract algebra, anddiscrete mathematicsis
likewise uncontroversial; mathematicians accept that (in principle) theorems in these areas can be derived from
the relevant definitions and the axioms of set theory
Few full derivations of complex mathematical theorems from set theory have been formally verified, however,
because such formal derivations are often much longer than the natural language proofs mathematicians
commonly present
One verification project, Metamath, includes derivations of more than 10,000 theorems starting from
theZFCaxioms and usingfirst order logic
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Summary
Set theory begins with a fundamentalbinary relationbetween an objectoand a setA. Ifois amember(orelement)
ofA, we writeoA. Since sets are objects, the membership relation can relate sets as well
A derivedbinary relationbetween two sets is the subset relation, also calledset inclusion. If all the members
of setAare also members of setB, thenAis asubsetofB, denotedAB
There are six Concepts available in set theory. The concepts are, Union
The set A and B is symbolised by AB .That is group the values of the set A and B. Intersection
The set A and B symbolised by A B. It means we only select the common values of the set A and B.
Complement
It is represented by Ac is the all values of U that are not components of A. Difference
The sets A and B are the group of all objects. In that entity that is an element of accurately one A and B. Cartesian
Product
A x B is the Cartesian product of set A and B. Powers Set Whose elements are all possible subsets of A is called
the power set of A
References
Akerkar, R., 2008. Discrete Mathematics: Set theory, 2nd ed., Dorling Kindersley Publication India, pp 109-
123.
T. Veeraranjan, 2008. Discrete Mathematics with graph theory and Combinatorics: Set theory, 7th ed., McGraw-
Hill Publication, pp 51-64.
Lipschutz, S., 1998. Set theory and related topics, 2nd ed., McGraw-Hill Publication.
Recommended Reading
Waters,D., 2006. Quantitative Methods for business, Set Theory, 4th ed., Prentice Hall Publication.
Bedward, D., 1999. Quantitative methods, Set theory, Elsevier.
Slater, J, C., 2007. Quantitative Methods, Set theory, Thomson Learning.
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Chapter-IV
Arithmetic Progression and Geometric Progression
Aim
The aim of this chapter is to :
introduce the basic concept of arithmetic progression
define the concept of geometric progression
describe applications of A.P and G.P
Objectives
elucidate progression/sequences
explain arithmetic and geometric progression
explicate properties of A.P and G.P
Learning outcome
understand the use of A.P. and G.P. in mathematics and its allied branches
discuss the arithmetic representation of series
comprehend the geometric representation of series.
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4.1 Introduction
A series in which terms increase or decrease by a common difference is called Arithmetic Progression.
The following series are in A.P.
1+2+3+4+5+.. common difference = 1
3+5+7+9+11+ common difference = 2 are series, in the first of these series, the first term is 3 and next terms
are obtained by adding 2 each time the preceding term. In the second of these series each term, beginning with the
second, is the double of the preceding term.
Note-1:
The nth term of A.P. is also called general term and denoted by, i = a+(n-1)d
Note-2:
The rule to find the common difference (d): Subtract first term from the second term.
4.2 Arithmetic Progression

An arithmetic progression is a list of numbers where the difference between successive numbers is constant.
The terms in an arithmetic progression are usually denoted as u1; u2; u3 etc. where u1 is the initial term in the
progression, u2 is the second term, and so on; un is the nth term.
An example of an arithmetic progression is,
2, 4, 6, 8, 10, 12, 14.
Since, the difference between successive terms is constant, we have
u3 - u2 = u - u1
2
and
In general,
un+1 un = u2 u1
We will denote the difference u2 - u1 as d, which is a common notation.
4.3 Geometric Progression

A geometric progression is a list of terms as in an arithmetic progression but in this case the ratio of successive
terms is a constant. In other words, each term is a constant time the term that immediately precedes it. Lets write
the terms in a geometric progression as u1; u2; u3; u4 and so on.
An example of a geometric progression is

10, 100, 1000, 10000.
Since the ratio of successive terms is constant, we have
The ratio of successive terms is usually denoted by 'r' and the first term again is usually written a.
4.4 Sequences
Sequence is explained below.
4.4.1 Definition
A sequence is a collection of numbers arranged in some order and obtained in succession according to some
definite rule
The individual numbers forming a sequence are called the terms of the sequence
Examples
Let 2, 4, 6, 8, 10, 12, 14, be a sequence and 2 or 4 or 6 etc. are the
terms of the sequence.
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4.4.2 nth Term of the Sequence ( tn )
For a sequence we can find the nth term according to some definite rule used in that sequence.
Examples
(1) Let 3, 6, 9, 12, 15, 18, 21 be a sequence. Find tn .
Here, we observe that the first term is 3 (i.e.3x1),the second term is 6
(i.e. 3x2), the third term is 9 (i.e. 3x3) etc.
So, in general the nth term is 3x n that is 3n.
Therefore, tn = 3n
(2) Let the sequence be 21, 22, 23, 24, 25,26,. Find tn .
Here, tn = 2n
If the nth term of the sequence is given, we can find the terms of the sequence in succession.
Examples
(1) Let tn = 2n-1, find the sequence.
For n=1, t1 = 2(1)-1 = 1
For n=2, t2 = 2(2)-1 = 3
For n=3, t3 = 2(3)-1 = 5
For n=4, t4 = 2(4)-1 = 7
Therefore the required sequence is 1, 3, 5, 7,
(2) Let tn = 1/n, find the sequence.
Here, the required sequence is 1/1, 1/2, 1/3, 1/4,.
4.4.3 Sum of the First n Terms (S )

Consider the sequence t1 ,t2 ,t3 ,t4 ,.tn then the sum of the first n terms is
denoted by Sn.
Sn = t1 + t2 + t3 +t4 + .tn
The sum of the first n-1 terms is denoted by Sn-1
Sn-1 = t1 + t2 + t3 +t4 + .tn-1
The nth term can be obtained using the sum of the sequences as follows
tn = Sn -Sn-1
Example
(1) If Sn = 3n2 4n, find the sequence.
Let Sn = 3n2 - 4n .(1)
Sn-1 = 3(n-1)2 - 4(n-1)
= 3(n2 - 2n +1)- 4n+4 using (a-b)2 = a2 2ab+b2
Sn-1 = 3n2-10n +7 .(2)
Subtracting (2) from (1), we get tn
tn = Sn -Sn-1
Therefore, tn =(3n2 - 4n)-(3n2 -10n +7)
tn-1 = 6n- 7. For n =1, t = 6(1)-7 = -1
For n =2 t = 6(2)-7 = 5 2
For n =3 t = 6(3)-7 = 11 3
For n =4 t = 6(4)-7 = 17 4
Therefore, the required sequence is -1, 5, 11,17,..
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4.5 Arithmetic Sequence or Arithmetic Progression

Arithmetic sequence or arithmetic progression is explained below.
4.5.1 Definition
If for a sequence tn+1 - tn is constant for all n, then it is called an arithmetic sequence or arithmetic progression.
(A.P.)
The constant difference tn+1 - tn is called the common difference of the A.P. and denoted by d.
In general, the terms of A.P. are a, a+d, a+2d,a+3d,
4.5.2 nth Term of an A.P.

To find the nth term of an A.P whose first term and common difference is known,
we use the following formula as,
tn = a+(n-1)d.
where a= first term and d = common difference.
Example
(1) Find the n th term of -26,-23, -20 ,-17 ,..
Since t2-t1 = -23-(-26) = 3
t3-t2 = -20-(-23) = 3
Therefore, the difference is constant and the given sequence is A.P.
Here, the first term = a= -26
Common difference = d= 3
Using tn = a+(n-1)d we have,
tn = -26+(n-1)(3)
tn = -26+3n-3
Therefore the nth term = 3n-29.
4.5.3 Sum of the First n Terms of an A.P. (Sn )

To find the sum of the first n terms of an A.P.
If the first term (a) and common difference (d) is known then,
Sn = n/2 [ 2a + (n-1)d]
If the first term (a) and the last term of the nth term (L) is known then,
Sn = n/2 [ 2a + L ]
Example
(1) Find the sum of n terms of A.P. -26, -23, -20, -17, ..
Here, first term = a= -26
And common difference = d = 3
Therefore, using Sn = n [ 2a + (n-1)d] we get,
(2) Sn = n/2 [ 2(-26) +(n-1)(3)]
Sn = n/2 [ n-55]
Sn = n/2 (n-55)
4.5.4 Properties of an A.P.

(1) Let a, b, c, d,be an A.P. and x a constant quantity.
Then a+x, b+x, c+x,.
a-x, b-x, c-x,.
ax, bx, cx, .
a/x, b/x, c/x,. are all in A.P.
(2) When three quantities are in A.P., the middle one is called the
arithmetic mean (AM) of the other two. Let a, b, c be an A.P. then the
AM between them is b = a+c/2
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4.6 Geometric Progression
If for a sequence the ratio tn+1 /tn is constant for all n, then it is called a n+1 n geometric sequence or geometric
progression.(G.P.)
The constant ratio tn+1 /tn is called the common ratio of the G.P. and denoted by r.
In general, the terms of G.P. are a, ar, ar2, ar3,
4.7 nth Term of a G.P.

To find the n th term of a G.P. whose first term and common ratio is known, we use the following formula as
tn = arn-1 , where a = first term and rn-1 = common ratio.
Example
(1) Find the nth term of 5, 15, 45, 135, ..
Since, t2/t1 = 15/5 = 3
t3/t2 = 45/15 = 3
Therefore, the ratio is constant and the given sequence is G.P.
Here, the first term = a= 5
Common ratio = r= 3
Using tn = ar(n-1) we have,
tn = 5x 3(n-1)
Therefore the nth term = tn = 5x 3(n-1)
4.8 Sum of the First n Terms of a G.P. (Sn )

To find the sum of the first n terms of a G.P.
If first term(a) and common ratio(r) is known then,
(i) if r=1 and r < 1 then,
Sn = a( 1- rn)
=1- r
(ii) if r=1 and r > 1 then,

Sn = a ( rn-1)
= r - 1
(iii) if r =1 then,
The sequence a , ar, ar2, ar3, can be written as,
a1,a2,a3,a4,..an times.
Therefore, Sn = an
Example
(1) Find the sum of n terms of G.P. 5,15,45,135,.
Here, first term = a= 5
And common ratio= r = 3
Since r1 and r > 1 then
Therefore, using Sn = a (rn- 1) we get, rn - 1
Sn = 5 (3n-1)
=2
Note
(1) Sum of the series as n tends to infinity and r<1 is (S ) = a / (1-r)
(2) Geometric mean of two numbers is obtained as G.M.= ab
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Summary
Arithmetic progression:
An arithmetic progression or arithmetic sequence is a sequence of numbers such that the difference of any two
successive members of the sequence is a constant.
The following formula is used for solving the nth :
tn = arn-1
where a, the first term
n, number of terms
r, the common ratio
Geometric progression:
A geometric progression is a sequence of numbers where each term after the first is found by multiplying
the previous one by a fixed non-zero number called the common ratio
Formula:
tn = arn-1
where a, the first term
n, number of terms
r, the common ratio
Points to Remember:
Arithmetic Progression:
Tn = a + (n+1)d
Sn = =
Tn = Sn - Sn-1
A.M. of a and b =
Sn = A.M. x n
Geometric Progression:
Tn= arn-1
Sn = =
Sum of the terms of an infinite G.P =
Sum of the square of the terms which are in infinite G.P. is
Tn = Sn Sn-1
G.M. of a and b =
Product of all
n terms of a G.P. = (G.M.)n
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References
Guy, R. K., 1994. Unsolved Problems in Number Theory, 2nd ed., Springer-Verlag, pp. 15-18.
Hardy, G. H. and Wright, E. M., 1979. An Introduction to the Theory of Numbers, 5th ed., Oxford Univ. Press,
New York.
Lander, L. J. and Parkin, T. R., 1967., Consecutive primes in arithmetic progression, Math. Comp.
Nelson, H. L., 1975. There is a better sequence, J. Recreational Math, pp 39-43.
Pritchard, P. A., Moran, A. and Thyssen, A., 1995. Twenty-two primes in arithmetic progression, Math. Comp.,
pp 1337-1339.
Recommended Reading
Waters, D., 2006. Quantitative Methods for business, Progression, 4th ed., Prentice Hall Publication.
Bedward, D., 1999. Quantitative methods, Arithmetic Progression, Elsevier.
Slater, J, C., 2007. Quantitative Methods, Progression, Thomson Learning.
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Chapter V
Probability
Aim
define probability
introduce the applications of probability
explain the concept of sample space and event
Objectives
explain the Venn diagram
elucidate conditional probability
explicate the rules and applications of probability
Learning outcome
understand the ways to calculate probability
enlist the steps to solve probability
comprehend the Bayes theorem
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5.1 Introduction
Every human activity has an element of uncertainty. Uncertainty affects the decision making process. Probably-
this word is often used by us like probably it may snow today; probably there may be a surprise test tomorrow etc.
So, there is a need to handle uncertainty systematically and scientifically. Hence, probability theory is used.
5.2 Definition
Probability is the ratio of favorable events to the total number of equally likely events.-By Laplace
Probability is an attitude of mind towards uncertain events.-By Connor
Probabilities are associated with experiments where the outcome is not known in advance or cannot be
predicted
Example: If you toss a coin, will you obtain a head or tail?

If you roll a die will obtain 1, 2, 3, 4, 5 or 6?
Probability measures and quantifies how likely an event, related to these types of experiment, will happen
The value of a probability is a number between 0 and 1 inclusive
An event that cannot occur has a probability (of happening) equal to 0 and the probability of an event that is
certain to occur has a probability equal to 1
In order to quantify probabilities, we need to define the sample space of an experiment and the events that may
be associated with that experiment
5.3 Sample Space and Events

The sample space is the set of all possible outcomes in an experiment
An event is a subset of the sample space
Example:
If a die is rolled, the sample space S is given by,
S = {1, 2, 3, 4, 5, 6}
If two coins are tossed, the sample space S is given by

S = {HH,HT,TH,TT} , where H = head and T = tail.
5.4 The Venn Diagram

A venn diagram is a pictorial presentation of the sample space of an experiment
It is usually drawn as a rectangular figure representing the sample space and it contains circles or other shapes
representing events in the sample space
Heads Tails Venn diagram representing outcomes of tossing a coin.
A B Venn diagram representing outcomes of selecting a manager.

A= candidate has over 3yrs experience.
B= candidate has post graduate qualification.
5.5 Rules of Probability:

A probability is number assigned to the occurrence of an event in sample space.
A probability of an event must be greater than or equal to 0 and less than or equal to 1 or 100% i.e.
0 means probability cannot be negative.
If A and B are mutually exclusive events, then the probability of (A or B) is equal to the sum of the probabilities
of A and B.
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5.6 Applications
Probability used in risk assessment at any organisational level, especially at top management where the crucial
decisions are taken
It is also applied to the commodity markets in trading
Governments typically apply probabilistic method in Environmental regulation where it is called Pathways
analysis
It is also applicable where consumer products, such as automobiles and consumer electronics, utilise reliability
theory in the design of the product in order to reduce the probability of failure, the probability of failure may
be closely associated with the products warranty
5.7 Conditional Probability

5.7.1 Independent and Dependent Events:
Two events A and B are independent events if the occurrence of event A is in no way related to the occurrence or
non-occurrence of event B.
Likewise for independent events the occurrence of event B is in no way related to the occurrence of event A.
5.7.2 Multiplication Rule:

The joint probability of two independent events is equal to the product of their marginal probabilities.
P(A and B) = P(A).P(B)
5.7.3 Conditional Probability: Independent events

If the probability of an event is subject to a restriction on the sample space, the probability is said to be conditional
probability.
We define the conditional probability of event A, given that B has occurred, in case of A and B being independent
events, as the probability of event A.
P(A|B) = P(A).
5.7.4 Conditional Probability: Dependent Events

We define the conditional probability of event A; given that event B occurred when both A and B are dependent
events, as the ratio of number of elements in B.
P (A|B) = .
5.7.5 Multiplication Rule: Dependent Events

A joint probability of two dependent events A and B is equal to probability of A multiplied by probability of B,
given that A has occurred.
P(A and B) = P(A).P(A|B)
This formula is derived from the formula of conditional probability of dependent events.
P(B|A) =
P(A and B) = P(B|A).P(A)
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5.8 How to calculate the Probabilities?
Classical Probability Formula:
It is based on the fact that all outcomes are equally likely
Total number of outcomes in E
P(E) = ________________________________________________
Total number of outcomes in the sample space
Empirical Probability Formula:
It uses real data on present situations to determine how likely outcomes will occur in the future.
Let us clarify this using an example:
30 people were asked about the colors they like and here are the results:
Color Frequency
red 10
blue 15
green 5
If a person is selected at random from the above group of 30, what is the probability that this person likes the
red color?
Let event E be likes the red color.
Hence,
Frequency for red color

P(E) = _______________________________________________
Total frequencies in the above table
P (E) = 10 / 30 = 1 / 3
5.9 Steps to solve probability

To solve any problem on probability the steps involved are
Define the events
Find the total outcome of the experiment
Find the probability of each event
If the words either, or are used check whether the events are mutually exclusive or not to apply addition
rule
If the words both, and are used check whether the events are independent or dependent to apply proper
multiplication rule
To find the total outcome of the experiment use 2n or 6n in the case of coin or dice respectively, where n is
the number of coins or dice thrown at a time or a coin or dice thrown n times. In all other cases, use nCr =
For example,
6C3 =
Example 1:
What is the chance of getting a King in a draw from a pack of 52 cards?
Answer:
The total no. of cards = 52
The total no. of Kings = 4
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Bayes Theorem:
Statement:
Thomas Bayes addressed both the case of discrete probability distributions of data and the more complicated case
of continuous probability distributions.
In the discrete case, Bayes theorem relates the conditional and marginal probabilities of events A and B, provided
that the probability of B does not equal to zero.
Each term in Bayes theorem has a conventional name:
P(A) is the prior probability or marginal probability of A. It is prior in the sense that it does not take into
account any information aboutB.
P(A|B) is the conditional probability of A, given B. It is also called the posterior probability because it is derived
from or depends upon the specified value ofB.
P(B|A) is the conditional probability of B given A. It is also called the likelihood.
P(B) is the prior or marginal probability of B, and acts as a normalising constant.
Bayes theorem in this form gives a mathematical representation of how the conditional probability of event A given
B is related to the converse conditional probability of B given A.
P (A|B) = P (B|A).P(A)
P (B)
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Summary
Probability theory is a branch of mathematics concerned with the analysis of random phenomena. The outcome
of a random event cannot be determined before it occurs, but it may be any one of several possible outcomes.
The actual outcome is considered to be determined by chance
The probability of an event is to find out how many times event will happen because of a research. They will
give a clearly results. The probability is the study of chance or possibility of an event to happening like straight
or not directly, probability plays a role in the all activities
As a mathematical foundation forstatistics, probability theory is essential to many human activities that involve
quantitative analysis of large sets of data
The probability of event A is the number of ways event A can occur divided by the totalnumber of possible
outcomes
Discrete probability theorydeals with events that occur incountablesample spaces whereas continuous probability
theorydeals with events that occur in a continuous sample space
References
Grinstead, C. M. and Snell, J. L., 1997. Introduction of Probability: Probability, AMS Bookstore, pp133-137.
Mosteller, F., 1987. Probability: Probability, 1st ed., Dover Publications.
Dartmouth, Probability [PDF] Available at: <http://www.dartmouth.edu/~chance/teaching_aids/books_articles/
probability_book/book.pdf>. [Accessed 18 October 2010].
Math Goodies, Probability [Online] Available at: <http://www.mathgoodies.com/lessons/vol6/intro_probability.
html>. [Accessed 18 October 2010].
Britannica Encyclopedia, Probability [Online] Available at: <http://www.britannica.com/EBchecked/
topic/477530/probability-theory>. [Accessed 18 October 2010].
Recommended Reading
Waters, D., 2006. Quantitative Methods for business, Probability, 4th ed., Prentice Hall Publication.
Bedward, D., 1999. Quantitative methods, Probability, Elsevier.
Slater, J, C., 2007. Quantitative Methods, Probability, Thomson Learning.
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Chapter VI
Permutation and Combination
Aim
introduce the concept of permutation
define combination
explain the principles of counting
Objective
explain the fundamental principle of counting
elucidate the additional rule
explicate the multiplication rule
Learning outcome
understand the difference between permutation and combination
discuss factorial notation
comprehend the meanings of nPr and nCr
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6.1 Introduction to principles of counting:
If one operation can be performed in m ways and And a second operation can be performed in n ways then both
the operations could be performed simultaneously or sequentially in mxn ways
Addition Principle: If One Operation can be performed in m ways and another operation can be performed in
n ways then one of the two operations could be performed in m+n ways
For Example, a person wants to borrow a book from the library. There are Five novels and Six story books
which he wants to read. He could select any one of the min m+n=5+6=11 ways
6.2 Definition of Permutation:

Permutation means arrangement of things.
The word arrangement is used, if the order of things is considered.
Note: The sign ! indicates the factorial notation. It can be calculated as
n! = n(n-1)! Or n! = n (n-1) (n-2)! Or n! = n(n-1)(n-2)1

Where 0! = 1 and 1! = 1
For example it can be calculated as,
3! = 3 x 2 x 1 = 6
4! = 4 x 3 x 2 x 1 = 24
5! = 5 x 4 x 3 x 2 x 1 = 120
6.3 Combination
Combination means selection of things.
The word selection is used, when the order of things has no importance.
The total number of these combinations is denoted by nCr and calculated as ,
Example:
Suppose we have to form a number of consisting of three digits using the digits 1,2,3,4,
To form this number the digits have to be arranged.
Different numbers will get formed depending upon the order in which we arrange the digits.This is an example
of Permutation.
Now suppose that we have to make a team of 11 players out of 20 players, This is an example of combination,
because the order of players in the team will not result in a change in the team.
No matter in which order we list out the players the team will remain the same! For a different team to be formed
at least one player will have to be changed.
6.4 Fundamental principles of counting:

6.4.1 Addition Rule :
If an experiment can be performed in n ways, and another experiment can be performed in m ways then either of the
two experiments can be performed in (m+n) ways. This rule can be extended to any finite number of experiments.
6.4.2 Multiplication Rule:

If a work can be done in m ways, another work can be done in n ways, then both of the operations can be performed
in m x n ways. It can be extended to any finite number of operations.
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Factorial n:
The product of first n natural numbers is denoted by n!
n! = n(n-1) (n-2) ..3.2.1.
Example:
5!= 5 x 4 x 3 x 2 x 1 =120
Note:
0! =1
Proof n! =n, (n-1)! Or (n-1)! = [n x (n-1)!]/n = n! /n
Putting n = 1,
We have, O!=1! /1 or0 = 1.
Note that:
An important result:
The fundamental principle of counting (F.P.C) states that if an operation can be performed in m different ways
and if for each such choice, another operation can be performed in n different ways, then both operations, in
succession can be performed in exactly mn different ways. The principle can also be generalised, for even more
than two operations.
For n N, the factorial of n is defined as n! = 1 2 3 ..... n. 0! is defined as 1.
The arrangements of a number of things taking some or all of them at a time are called permutations. The total
number of permutations of n distinct things taking r(1 r n) at a time is denoted by nPr or by P(n, r).
For 1 4 n, nPr = n(n - 1)(n - 2)...... r factors.
In particular, nPn = n(n - 1)(n - 2).....n factors.
= n(n - 1)(n - 2)...... 3.2.1. = n!
If p1 objects are of first kind and p2 objects are of the second kind, then the total number of permutations of all
the p1+p2 objects is given by
If p1 objects are of the ith kind and i = 1,2,3,.r, then the total number of permutations of all the p1+p2+p3+.......+pr
objects is given by,
The number of permutations of n different things taking r at a time when each thing is allowed to repeat any
number of times in any arrangement is given by nr.
The number of circular permutations of n different things is given by (n - 1)!.
If the number of circular permutations of n different things when an anticlockwise circular permutation and its
corresponding clockwise circular permutation are considered as same circular permutation, then the number
of circular permutations is
The selections (groups) of a number of things taking some or all of them at a time are called combinations. The
total number of combinations of n distinct things taking r(1 r n) at a time is denoted by nCr or by C(n, r).
44/uts
Summary
Permutaions:
The different arrangements of a given number of things by taking some or all at a time, are called permutation.
Number of permutation- number of all permutations of n things, taken r at a time is given by;
Combiantions:
Each of the different groups or selections which can be formed by taking some or all of a number of objects, is
called a combination.
Number of combinations: the number of all combinations of n things, taken r at a time is;
References
Kumar, K. R., 2005. Discrete Mathematics, Permutation and Combination, Firewall Media, p23-47.
Rao, G. S., 2002. Discrete mathematical structure, Permutation, New Age International, pp14-54.
Pennar, R. C., 1999. Discrete Mathematics, Combination, World Scientific, pp 54-67.
Recommended Reading
Waters, D., 2006. Quantitative Methods for business, Permutation and Combination, 4th ed., Prentice Hall
Publication.
Bedward, D., 1999. Quantitative methods, Permutation, Elsevier.
Slater, J, C., 2007. Quantitative Methods, Combination, Thomson Learning.
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Chapter-VII
Interpolation
Aim
define interpolation
introduce the applications of interpolation
describe the importance of interpolation
Objectives
explain the different methods of interpolation
elucidate Newton-Guass foreward and backward method
explicate the graphical method of interpolation
Learning outcome
elucidate the need for interpolation
discuss the Newtons method of advancing differences
comprehend Lagrang's method for calculation interpolation
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7.1 Introduction
Interpolation is the method of statistical estimation and the word literally means making insertions.
Simply interpolation is understood by following example;
If we need to know the population of our country, for any intermediary year, say 1985, one logical approach would
be to work forward from the population of 1981, by adding births and inflow of the people into the country and
deducting deaths and outflow of people from the country during 1981-1985.
Thus the data on population of the year 1985 is required, 100% accurate figures are really not required.
7.2 Definition of Interpolation

Interpolation may be defined as the technique of obtaining the most likely estimates of certain quantity under
certain assumptions. - D.N. Elhance
Interpolation is a statistical device used to estimate the most likely figure under certain assumptions within the
given limits
Interpolation provides us the missing quantity of a series so that we can establish the while extrapolation are
the techniques of obtaining the most likely estimates of certain quantity under certain assumptions
Interpolated figures are not perfect substitutes of the original figures. They are only best possible substitutes
on certain hypothesis
7.3 Application
Interpolation is widely used by businessmen, administrators, sociologists, economist and financial analysis.
It helps in completing the incomplete, lost or destroyed records.
Eg. In financial analysis the interpolation used to find out the IRR(internal rate of return) of a project, all
investment decisions which require to use of the Present value and future value interest factor tables.
7.4 Need and Importance of Interpolation

Inadequacy of data:
Sometimes it is not possible to collect the whole data about the problem under study. Even if it were
possible to collect the whole data it may not be worthwhile to do so due to a large amount of expenditure
involved or due to organisational difficulties
Technique of interpolation can be used for making best estimates, at the least cost
These estimates will be a more useful figure than rough estimates
To estimate intermediate value:
In certain cases data is collected after long intervals
For example; in India the census of population is collected after every ten yrs
The technique of interpolation will be needed to estimate the figure of population for intermediate
years
Lost Data:
Sometimes the data is lost due to fire, earthquake etc. The interpolation technique is help to fill the gaps
in statistical information due to lost data
Uniformity of Data:
Statistics concerning a particular phenomenon are collected by different agencies , it destroys its
uniformity.
In such cases comparison of data becomes difficult. So to establish uniformity of data, the techniques
of interpolation is used.
Forecasting:
The forecasting activity regarding data is practical utility for economic planning, policy formulation,
production decisions etc.
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7.5 Methods of Interpolation

Different methods of interpolation are explained below.
7.5.1 Graphical Method:

It is simplest method of Interpolation.
In this method the data is represented in graph, i.e. on X-axis all independent variables and on Y-axis all
dependent variables are taken.
The curve is formed after joining the points, this curve give interrelation between two variables.
From the point of X-axis, for which the value of y is to be interpolated, a line parallel to Y-axis will be drawn.
From the point where this line will cut the curve, a line parallel to X-axis will be drawn, here the value of y will
be found from the point where the line cuts Y-axis, this is called Interpolated figure or Value
7.5.2 Newtons method of advancing differences:

This method is applicable for the following cases
The independent variable advances by equal intervals
The value to be interpolated is different from the equidistant value
The value to be interpolated lies in the beginning of the data
This method is known as finite or advancing differences method because after finding out differences in the
values of y, the process is extended further till only one difference remains
We also taken into consideration that the +ve and -ve sign while calculating the differences
7.5.3 Lagranges Method:

Lagranges interpolating polynomial is another very good formula for interpolation
This method has no restriction on the x-variable whether it should be equally spaced or not
This method can be used for any value of x either for interpolation
It is also to estimate the argument of x for given value of y, it means the Lagrange;s formula can be used for inverse
interpolation also.The only demerit of Lagranges formula is that, it required heavy computational work
7.5.4 Newton-Gauss Foreword Method:

It is method which is used in particular situation. It is used when the independent variable (a) advance by equal
intervals (b) the value to be interpolated falls in the middle of the series.
The formula is as under;
+ + + +
Where X =
7.5.5 Newton-Guass Backward Method:

This is also known as Newton Gregory backward formula
Its applicability is described below
When the argument x advances with the equal jumps
When the x-value to be interpolated lies near the end of the series
Diagonal difference table is used in Newtons backward formula, but the differences are used in reverse
order.
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The formula is as under;
If there are n arguments and n corresponding entries, Newtons backward formula for the entry to be interpolated
for the argument x is,
Where,

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Summary
Algebraic expressions in which the variables concerned have only non-negative integral exponents are called
polynomials
The standard form of a polynomial in one variable is that in which the terms of the polynomial are written in
the decreasing order of the exponents of the variable
Interpolation provides us the missing quantity of a series so that we can establish the while extrapolation are
the techniques of obtaining the most likely estimates of certain quantity under certain assumptions
Methods of Interpolation are
Graphical method, Lagranges Method, Newton-Gauss Forward Method, Newtons-Gauss Backward method.
etc.
References
Jain, T. R.. and Sandhu, A. S., 2006-07, Quantitative Methods: Interpolation, VK Publication, pp 7.1-7.38.
Agarwal, B. R., 2007. Programmed Statistics, Interpolation, 2nd ed., New Age International, pp 405-425.
Bali, N. P. and Gupta, P. N., 2008. A textbook of Quantitative Techniques, Interpolation, 1st. ed., Laxmi
Publications, pp 134-145.
Recommended Reading
Waters, D., 2006. Quantitative Methods for business, Interpolation, 4th ed., Prentice Hall Publication.
Bedward, D., 1999. Quantitative methods, Interpolation, Elsevier.
Slater, J, C., 2007. Quantitative Methods, Interpolation of Polynomials, Thomson Learning.
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Chapter VIII
Commercial Arithmetic
Aim
The aim of this chapter is to :
define agent
introduce the commercial arithmetic
describe the concept of commission and brokerage
Objectives
explain the applications of commission
elucidate the present worth value
describe the concept of Insurance
Learning outcome
understand the concept of true discount
discuss important terms in profit and loss
comprehend simple interest and compound interest
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8.1 Introduction
A good deal of business is done by means of agents. An agent can be defined as a person appointed to transact
business in the name and for the account of another. His remuneration is usually in the form of an allowance on
the amount of the business transacted, which is fixed by specific agreement, or in accordance with the usage of the
trade. This remuneration is generally called the agents commission and in most cases is a percentage of the amount
of the transaction.
8.2 Commission and Brokerage

Commission/brokerage means any payment received by a person acting on behalf of another person or for any
services in the course of buying/selling of goods or in relation to any transaction relating to any asset.
For earning commission or brokerage, three parties should be present in a transaction, i.e. the Buyer, the seller
and the broker/commission agent.
The person receiving income as commission/brokerage should not own the subject matter dealt with by him
and the ownership should vest with his principal only.
8.2.1 Application of Commission:

Commission is applied to following agents;
Real Estate Agents: The Agents dealing in selling real estate properties are real estate agents.
Canvassing Agent: These are the persons who sells articles as books, aluminum ware from house to house.
Producer
Travelling Salesmen
Retail Clerks
Employment Agencies
8.3 Profit and Loss

Sales Price (Sp): The price at which goods/services are sold.
Cost Price (SP): The expenses occurred in making a product (or providing a service) and it includes the price
of the raw material.
Revenue: is compensation received for your product or services.
Cost of Goods Sold: are the variable expenses related to the sale of your product.
Operating Expenses: are fixed expenses, such as rent, and utilities.
Operating Income: is profit after operating income.
Earnings before Taxes: is income including other income and expenses, but before taxes.
Income Taxes: are federal, state, and local taxes.
Net Earnings: is the profit earned by the business, and it includes all expenses, including taxes.
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8.4 Formulae
If the shop sells a thing for more than they paid for it, then the difference is the profit:
Profit = Selling price - Cost price
If the shop sells a thing for less than they paid for it, then the difference is the loss:
Loss = Cost price - Selling price
Both profit and loss can be expressed either in dollars, OR as a percentage of the cost price:
Profit Percentage = (Profit / Cost Price) x 100
Occasionally profit is also mentioned in terms of sales price i.e.:
Profit on selling price= (Profit / Sales Price) x 100
8.5 Interest
It is the price paid for the use of borrowed money,or, money earned by deposited funds.
Assetsthat are sometimes lent with interest includemoney, shares,consumer goodsthroughhire purchase,
major assets such asaircraft, and even entire factories infinance leasearrangements.
The interest is calculated upon the value of the assets in the same manner as upon money.
8.5.1 Simple Interest:

It is the interest calculated on the original principal alone for the time during which money lent is being used. If P
is the principal, R is the rate of interest and T is the period, then simple interest (SI) is given by the formula,
SI = PRT/100.
8.5.2 Compound Interest:

When the interest produced after each prefixed period is added to the principal and whole amount is considered as
principal for the calculation of interest for the next period, then the sum by which the original principal is increased
at the end of all prefixed period is called compound interest.
8.6 Present Worth

Definition:
Present Worthis the value on a given date of a future payment or series of future payments, discounted to reflect
thetime value of moneyand other factors such asinvestment risk.
Present Worth can be calculated by following formula;
Where,
PV = present worth
C= cash flow
i= interest rate
8.7 True Discount (T.D.)

The true discount is the difference between the sum due at the end of the given time and its present worth.
Thus,True discount (T.D.) = interest on present worth.
8.8 Sum Due (S.D.):

Sum due is calculated by adding Present Worth with True Discount.
Sum Due (SD) = Present Worth (PV) + True Discount (TD).
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8.9 Insurance
Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for
payment.
Aninsureris a company selling the insurance;
Aninsuredorpolicyholderis the person or entity buying the insurance policy.
The insurance rateis a factor used to determine the amount to be charged for a certain amount of insurance
coverage, called thepremium.
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Summary
Commission and brokerage
Commission/brokerage means any payment received by a person acting on behalf of another person or for any
services in the course of buying/selling of goods or in relation to any transaction relating to any asset.
Profit and Loss

If selling price is greater than cost price, the seller is said to have a profit.
If selling price is less than cost price, the seller is said to have incurred a loss.
Cost price= it is the price at which an article is purchased.
Selling Price= it is price at which an article is sold.
Formulae:
Gain= SP CP
Loss = CP SP
Gain % =
Loss % =
Present Worth =
An interest rate is the rate at which interest is paid by a borrower for the use of money that they borrow from
a lender.
Present Worthis the value on a given date of a future payment or series of future payments, discounted to
reflect thetime value of moneyand other factors such asinvestment risk.
The true discount is the difference between the sum due at the end of the given time and its present worth.
Sum due is calculated by adding Present Worth with True Discount.
References
Veena, G. R., 2006. Business Mathematics, Commercial Arithmetic, New Age International Publishers.
Aggarwal, R. S., 2008. Quantitative Methods, S.Chand Publications.
Williams, O., 2008. Commercial Arithmetic, Profit and Loss, Bibliobazar, pp 3-85.
Jackson, S., 2009. Commercial Arithmetic, Special Application.
Douglas, G. H., 2007. Modern Commercial Arithmetic, Read Books, pp34-90.
Recommended Reading
Moore, J. H., 2008. New Commercial Arithmetic, Bibliobazaar LLC.
Morgan, A. D., 1900. Elements of Arithmetic, Taylor and Walton.
Calder, F., 1852. Elementary rules of Arithmetic.
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Chapter IX
Relations and Functions
Aim
define function
introduce the mathematical concept of relation
highlight the domain of a relation
Objectives
explain the range of a relation
elucidate the concept of range, image and co-domain
explicate the break even analysis
Learning outcome
understand the formula for calculating the total cost
comprehend different ways to write a relation
discuss the function notation
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9.1 Relation
A relation is just a set of ordered pairs. There is absolutely nothing special at all about the numbers that are in a
relation.
In other words, any bunch of numbers is a relation so long as these numbers come in pairs.
In maths Relation is just a set of ordered pairs.
Note: {} is the symbol for SET.
Example: {(0, 1), (55, 22), (3,-50)}
9.2 Domain and Range of a Relation

The Domain is the set of all the first numbers of the ordered pairs.
In other words, the domain is all of the x-values.
The Range is the set of the second numbers in each pair, or the y-values.
Example: if Relation is {(0, 1), (55, 22), (3,-50)}, then

Domain is {0 55 3}
Range is {1 22 -50}
NOTE: when writing the domain and range, do not repeat the values
Relation can be written in several ways;

Ordered Pairs
Table
Graph/mapping.
Examples:
What is thedomainandrangeof the followingrelation?
{(-1, 2), (2, 51), (1, 3), (8, 22), (9, 51)}
Ans:
Domain: -1, 2, 1, 8, 9
Range: 2, 51, 3, 22, 51
What is thedomainandrangeof the followingrelation?

{(-5,6), (21, -51), (11, 93), (81, 202), (19, 51)}
Ans:
Domain: -5, 21, 11, 81, 19
Range: 6, -51, 93, 202, 51
9.3 Functions
A function is a relationship between two sets of numbers.
We may think of this as amapping; a functionmapsa number in one set to a number in another set.
Notice that a function maps values to one and only onevalue.
Two values in one set could map to one value, but one value must nevermap to two values: that would be a
relation,nota function.
Example:
If we write (define) a function as:
f(x) =x2 then we say: f of x equals x squared and we have,
f( - 1) = 1
f(1) = 1
f(7) = 49
f(1 / 2) = 1 / 4
f(4) = 16 and so on.
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9.3.1 Range, image, co-domain

If D is a set, we can say,
, which forms a new set, called therangeof f.
D is called thedomainof f, and represents all values that f takes.

In general, the range of f is usually a subset of a larger set.
This set is known as theco-domainof a function.
Example: With the function f(x) = cosx, the range of f is [-1, 1],butthe co-domain is the set of real numbers.
Notations
When we have a function f, with domain D and range R, we write:
If we say that, for instance,xis mapped tox2, we also can add
Notice that we can have a function that maps a point (x, y) to a real number, or some other function of two
variables.
We have a set of ordered pairs as the domain.
Recall from set theory that this is defined by the Cartesian product. If we wish to represent a set of
all real-valued ordered pairs we can take the Cartesian product of the real numbers with itself to obtain
.
When we have a set ofn-tuples as part of the domain, we say that the function isn-ary (for numbersn=1,2 we say
unary, and binary respectively).
9.4 Break Even Analysis

Break-even analysis is a technique widely used by production management and management accountants.
It is based on categorising production costs between those which are variable (costs that change when the
production output changes) and those that are fixed (costs not directly related to the volume of production).
Total variable and fixed costs are compared with sales revenue in order to determine thelevel of sales volume,
sales value or production at which the business makes neither a profit nor a loss (the break-even
point).
In its simplest form, the break-even chart is a graphical representation of costs at various levels of activity shown
on the same chart as the variation of income (or sales, revenue) with the same variation in activity.
The point at which neither profit nor loss is made is known as the break-even point and is represented on the
chart below by the intersection of the two lines:
NOTE: The Break Even point is the point where the revenue from sales is equal to the cost of production.
For Calculating Total cost, we should know that,

Profit (P) = Revenue (R) Cost (C).
Where,
Total Cost = Fixed cost + Variable Cost.
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Summary
A relation is just a set of ordered pairs. There is absolutely nothing special at all about the numbers that are in
a relation.
In other words, any bunch of numbers is a relation so long as these numbers come in pairs.
The Domain is the set of all the first numbers of the ordered pairs, and the Range is the set of the second
numbers in each pair, or the y-values.
A function is a relationship between two sets of numbers.
Two values in one set could map to one value, but one valuemust nevermap to two values: that would be a
relation,nota function.
Break-even analysis is a technique widely used by production management and management accountants.
References
Jain, T. R., Quantitative Methods, 2nd ed., FK Publication.
Author Stream, Relation and Functions [Online] Available at: <www.authorstream.com/.../sadamava-373982-
2-1-relations-functions-ppt-relationsfunctions-powerpoint-education/>. [Accessed 10 October 2010].
Tutor Vista.Com Relation and Functions [Online] Available at: <www.tutorvista.com Math Algebra,>.
Purple Math, Relation and Fuinctions [Online] Available at: <www.purplemath.com/modules/fcns.htm>.
Recommended Reading
Waters, D., 2006. Quantitative Methods for business, 4th ed., Prentice Hall Publication.
Bedward, D., 1999. Quantitative methods, Elsevier.
Slater, J, C., 2007. Quantitative Methods, Thomson Learning.
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Chapter X
Statistics
Aim
define statistics
introduce the concept of classification
explain the applications of statistics
Objectives
explain the functions of statistics
explicate the limitations of statistics
elucidate the frequency distribution
Learning outcome
At the end of this chapter students will be able to:
understand the characteristics of statistics
comprehend the characteristics of classification
enlist the characteristics of classification
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10.1 Introduction
Statistics can be referred as a subject that deals with numerical facts and figures. It is the set of mathematical tools
and techniques that are used to analyse data. The word statistics is said to have been derived from the German word
Statistik meaning political science or from Old Italian word stato meaning state or from New Latin word status
meaning of which is position or form of government or political state. Statistical analysis involves the process of
collecting and analysing data and then summarising the data into a numerical form.
10.2 Definition of Statistics

The word statistics refers either to quantitative information or to a method of dealing with quantitative information.
There are many definitions to the term statistics given by different authors which are as given below:
Prof.A.L.Bowley defined statistics as Numerical statement of facts in any department of enquiry placed in
relation to each other.
Webster defined statistics as The classified facts respecting the condition of the people in a state especially those
facts which can be stated in numbers or in tables of numbers or in any tabular or classified arrangement.
10.3 Scope and Applications of Statistics

Statistics is associated with almost all the sciences as well as social, economic and political activities. The applications
of statistics are so numerous and it is of great use to human beings in many ways. Science has become so important
today that hardly any science exists independent of this and hence the statement-Science without Statistics bear
no fruit; Statistics without Science has no root.
Statistical data and statistical methods are helpful in proper understanding of the economic problems and help
in solving a variety of economic problems such as wages, prices, analysis of time series etc. Statistical methods
help in formulating economic policies and in evaluating their effect
Statistical methods are being widely used in all business and trade activities like production, financial analysis,
distribution, costing, market research, man power planning, business forecasting etc. Business executives and
managers rely mainly on statistical techniques to study the need and desire of the consumers.
In industry, statistics is widely used in quality control. To find whether the product is confirming to specifications
or not, statistical tools like inspection plans, control charts etc are of great use
A governments administrative system is fully dependent on production statistics, income statistics, labour
statistics, economic indices of cost, price etc. All the departments of a government depend upon statistics for
efficient functioning
In biology, medicine and agriculture, statistical methods are applied in the study of growth of plant, movement
of fish population in the ocean, migration of birds, effect of newly invented medicines, theories of heredity,
estimation of yield of crop, effect of fertiliser on yield, birth rate, death rate, population growth, growth of
bacteria etc
10.4 Characteristics of Statistics

Some of its important characteristics are given below:
Statistics are aggregates of facts
Statistics are numerically expressed
Statistics are affected to a marked extent by multiplicity of causes.
Statistics are enumerated or estimated according to a reasonable standard of accuracy.
Statistics are collected for a predetermine purpose
Statistics are collected in a systemic manner
Statistics must be comparable to each other
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10.5 Functions of Statistics

The various functions of statistics are as given below:
It simplifies the mass of data. With the help of statistical methods, the complex data is simplified into
diagrammatic and graphical representations, averages etc.
It presents the facts in a definite form. Facts that are expressed in numbers are more convincing than expressed
in statements. Statistics helps to present the data or facts in precise and definite form for easy understanding.
It helps in comparison of data of same kind.
Statistical methods are extremely helpful in formulating and testing hypothesis and developing new
theories.
It helps to predict future trends and to estimate any value of the population from the sample chosen.
It helps in bringing out the hidden relations between variables.
With the help of statistics, decision making process becomes easier.
10.6 Limitations of Statistics

Statistics, inspite of being widely used in many fields and being involved in every sphere of human activity, faces
certain limitations which are as follows:
Statistics does not deal with qualitative aspects like honesty, intelligence etc. It deals with only quantitative
data.
It does not study individual facts because individual items taken separately do not form a statistical data.
Statistical methods can be applied only to the aggregate of facts.
Statistical tools do not provide the best solution to problems under all circumstances. It is one of the methods
of studying a problem and it should be supplemented by some other methods.
Statistical analysis is based on probability and not on certainty. So statistical results are not universally true and
they are true only on an average.
Common man cannot handle statistics properly, only statisticians can handle statistics properly.
The most important limitation of statistics is that they are liable to be misused and misinterpreted. Increasing
misuse of statistics has led to increasing distrust in statistics.
10.7 Classification
Classification refers to grouping of data into homogeneous classes and categories. A group or a class category has
to be determined on the basis of the nature of the data and the purpose for which it is going to be used.
10.8 Objectives of Classification

To condense the mass of data: Statistical data collected during the course of an investigation is in the raw form.
With raw data we cant make any conclusion unless it is properly classified into small groups or classes.
To prepare the data for tabulation: Only classified data can be presented in the tabular form.
To study the relationships: Relationship between the variables can be established only after the various
characteristics of the data have been known, which is possible only through classification.
To facilitate comparison: Classification helps us to find conclusions based onthecomparison of variables.
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10.9 Characteristics of Classification
The following are general guiding principles for a good classification.
Exhaustive: Classification must be exhaustive. i.e. each and every item in the data must belong to one of the
classes.
Mutually exclusive: Each item of information should fit only in one class, i.e. overlapping of items is not
allowed.
Suitability: The classification should conform to the object of inquiry. For example, if the study is regarding the
economic condition of workers then classification must not be done on the basis of their religion.
Homogeneity: The items included in each class must be homogeneous; Else there should be further classification
in to sub groups.
Flexibility: A good classification should be flexible. It should be adjustable. To the new and changed situations
and conditions.
0Stability: The basic principle of classification should be retained throughout.
10.10 Frequency Distribution

A classification according to the number possessing the same value of the Variable is known as frequency distribution
of the given raw data.
Tally Marks ( | ) : It facilitates counting the frequency of a value of a variate in a systematic manner. The distinct
values of the variate are written down in ascending or descending order in a column. As we go through the given
raw data, one by one a tally mark is inserted in each case against the respective value. It will be easy to count if
tally marks are arranged in blocks of five i.e. every fifth tally mark is marked by a slanting line over the preceding
four. For example for the value of variate 5 we can give tally marks as ||||, for the value of variable 13 we can give
tally marks as|||| |||||||.
10.10.1 Discrete or Ungrouped Frequency Distribution

This type of distribution shown above is called Discrete or Ungrouped Frequency Distribution. The ungrouped
frequency distribution is quite handy if the values of the variables are largely repeated otherwise there is hardly
any condensation.
10.10.2 Continuous or Grouped Frequency Distribution

In this form of distribution the frequencies refer to groups of values. This becomes necessary in the case of some
variables which can take any fractional value and in whose case an exact measurement is not possible. e.g. the
height, Weight income ,etc.
10.10.3 Cumulative Frequency Distribution

In cumulative distribution, the cumulative frequencies (c.f.) are derived by successively adding the frequencies
of the successive individual class intervals. The cumulative frequency of a given class can be represented by the
total of all the previous class frequencies including the frequency of that class. There are two types of cumulative
frequencies.
less than type: It will represent the total frequency of all classes less than and equal to the class value to which
it relates.
more than type: It will represent the total frequency of classes more than and equal to the class value to which
it relates.
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Summary
Statistics helps in creating more efficiency in the decision making process
Statistics can be said as a collection of methods for planning experiments, obtaining data, and then organising,
summarising, presenting, analysing, interpreting, and drawing conclusions
The purpose of statistics is to obtain some overall understanding of group characteristics
It is important to know how to understand statistics so that improper judgments are not made
References
Sharma, J. K., 2009. Business Statistics, 4th ed., Dorling Kindersley Pvt. Ltd.
Jain, T. R. and Agarwal, S. C., 2009.10. Statistics for BBA, Statistics, VK Enterprises.
Medhi, J., 2005. Statistical Methods, Methods of Data Collection, 1st ed., New Age International Publishers,
pp8-12.
Rajagopalan, S. P. and Sattanathan, R., 2008. Business Statistics and Operations Research, Tata McGraw-Hill
Education, pp 1-6.
Recommended Reading
Leidn university Introduction Probability and Statistics [PDF] Available at: <http://www.math.leidenuniv.
nl/~redig/lecturenotesstatistics.pdf>. [Accessed 14 October 2010].
Star, Statistics http://www.stat-help.com/intro.pdf , [Accessed 14 October 2010].
Richald, Statistics [Online] Available at: <http://people.richlan,.edu/james/lecture/m170>. [Accessed 14 October
2010].
Art of problem solving, Statistics [PDF] Available at: <http://www.artofproblemsolving.com/LaTeX/Examples/
statistics_firstfive.pdf>. [Accessed 14 October 2010].
Answers.com, Statistics [Online] Available at: <http://www.answers.com/topic/statistics>. [Accessed 14 October
2010].
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Quantitative Methods (10 Chapters)

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Quantitative Methods (10 Chapters)

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Chapter I

Matrices and Determinants

introduce the concept of matrices

know the matrix determinant

describe the applications of determinants

understand the uses of matrices and determinants

elucidate the applications of matrices in various fields

explicate the properties of determinants

enlist different types of matrix

discuss the basic operations on matrices

understand the special forms of matrices

Matrices are used to solve problems in:

1.3 Types of Matrix

1.3.2 Column Matrix

1.3.3 Square Matrix

1.3.4 Zero or Null Matrix

1.3.6 Unit or Identity Matrix

1.3.7 Equal Matrices

1.4 Operations on Matrices

1.4.1 Addition of Two Matrices

1.4.2 Subtraction of Two Matrices

1.4.3 Scalar Multiplication of a Matrix

1.4.4 Multiplication of Two Matrices

1.5.1 Singular and Non-singular Matrices

1.6 Properties of Determinants:

1.7 Difference between Matrices and Determinants

Features Matrices Determinants

Way of writing It is written in Brackets It is written in two straight lines

These are resulted in set of numbers

Table 1.1 Difference between matrices and determinants

1.8 Uses and Applications of Matrices and Determinants

1.9 Solutions to System of Linear Equations

Step 4: Obtain solution as

Note: For a system of three variables obtain solution as, x = / and y = z= /

Therefore, solution is as x = / = 15/5 = 3, y = = 5/5 = 1

introduce the mathematical logic

describe the operations of logic

highlight the tautology and contradiction

explain logical connectivities

elucidate laws of algebra of propositions

explicate compound statement

understand the use of mathematical logic in defining management problems

solve the complex procedures into simpler form

discuss statement and the truth table

2.1.2 Compound statement

2.1.3 Truth Table

Truth value (Truth)

Precedence of logical connectives is:

2.2 Logical Connectives

Table 2.1 Conjunction table

Table 2.2 Disjunction table

Table 2.3 Negation table

Table 2.4 Conditional table

Table 2.5 Bi-conditional table

2.3 Tautology and Contradiction

2.4 Laws of Algebra of Propositions

introduce the De Morgan's law

highlight operations on sets

understand the types of sets

elucidate the list of symbols

explicate null and universal sets

understand standard sets

discuss the applications