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Mathematics, Economy, Law, Business, OR/MS/Industrial Engineering

Washington State_111220A
[Washington State - Forbes]


 - Overview

Change is constant, even for businesses. Indeed, business is about adapting to change. 
Organizations that can adapt move ahead, and those that can’t, die.

Today's lightning-fast business environment is more complex and unpredictable than ever. To overcome increasingly multifaceted challenges, business leaders need skills and knowledge from a wide range of traditionally segregated domains. 

Business leaders must be innovative, entrepreneurial and global in both thought and action. The fastest growing businesses of the future will be run by leveraging insights from real-time big data advanced analytics. 

Unable or inappropriate to retain top talent, many bosses have the attitude that anyone can be changed as easily as a glove and they can hire better people. They're kidding themselves and it's not good for the company. 

Great employees have knowledge of systems, products and processes. They build trusting relationships with clients and colleagues that take years to build. When you lose a great employee, you lose part of your culture. You lose part of the company. You may lose your future.


- Business Economics

In its broadest sense, economics refers to the study of the components and functions of a particular market or economy—such as supply and demand—and the impact of the concept of scarcity. In economics, factors of production, distribution methods and consumption are important research topics. Business economics focuses on the elements and factors in business operations and how they relate to the economy as a whole. 

The field of business economics deals with economic principles, strategies, standard business practices, access to necessary capital, profit generation, productivity, and overall management strategies. Business economics also includes the study of external economic factors and their impact on business decisions, such as changes in industry regulation or sudden changes in raw material prices.


- Business Law

Business law or commercial law is a set of rules and regulations that govern the way a business operates. Commercial law includes regulations such as:

  • Employee Rights and Privileges
  • workplace safety
  • Overtime rules
  • minimum wage
  • intellectual property
  • Employment
  • Business entity formation

Business law also includes the following concepts:

  • Organization’s Fiduciary Duty to Shareholders
  • The legal way in which directors are held accountable for their actions
  • What constitutes a breach of contract

Business law relates to the legal needs of newly created businesses as well as the needs of existing businesses. It includes how a business interacts with other businesses, the public, customers and regulatory agencies.

Some examples of business law include: 

  • Trademark
  • Patent
  • Income tax
  • Employment tax
  • Fair Labor Standards Act
  • Equal opportunities act
  • Workers compensation

To maintain legal compliance, your business should comply with state and federal business laws. Your legal liability depends on your business and location.

- Business Mathematics

Mathematics is an essential part of managing a business. Business and math go hand in hand, and that's because business deals with money, and money itself is everything. Everyone needs to manage money to some extent to make decisions that require everyone to know the math. Business enterprises use business mathematics to document and manage business operations. Business organizations use mathematics in accounting, inventory management, marketing, sales forecasting, and financial analysis. It can help you understand financial formulas, fractions; measurements involving interest calculation, rent calculation, salary calculation, tax calculation, etc., help to complete business tasks efficiently. Business mathematics also includes statistics and provides solutions to business problems. 

Businesses are always surrounded by challenges that need to be handled in a proper way so that they do not arise in the future. These everyday problems can be effectively solved with the help of mathematical models. Therefore, mathematics not only helps with calculations, but also helps in analyzing business problems and solving them. Learning and using business math allows one to think outside the box, improves one's own thinking skills, and helps build and build relationships with precision.


[Barcelona, Spain]

- Operations Research and Industrial Engineering

Operations research is a mathematical science focused on optimal decision-making and modeling of deterministic and probabilistic systems. Industrial engineering is a field that uses engineering, logistics, finance, and analytics to help organizations make better business decisions, reduce risk, and improve products.

Business researchers use their analytical and creative skills to develop better systems and operating procedures. They use optimization to achieve the best performance in a given situation and to compare and narrow down potential options. They also use simulations to build models or replicates to try and test solutions before applying them.

Industrial engineering is a branch of engineering that involves designing, analyzing, and optimizing complex processes, systems, and organizations. Industrial engineers use their knowledge and skills to specify, predict, and evaluate the outcomes of processes and systems. They work to reduce the waste of time, money, materials, energy or other goods by streamlining procedures and manufacturing processes.

Applications in operations research and industrial engineering are interdisciplinary and encompass a wide range of quantitative techniques. Operations research concentrations in industrial engineering modeling include optimization, stochastic modeling, and statistics.


- Management Science

Management science is a scientific method that helps organizations make decisions and solve problems. It uses mathematical or quantitative methods to help managers make decisions and improve performance.

Management science is based on scientific principles that can produce similar results when tested under specific circumstances. It also requires the real-time application of management principles and theories.

Management science is used by agencies, companies, governments, and other organizations. It focuses on solving technical problems rather than interpersonal problems.

The main idea of management science theory is to apply mathematics and statistics to decision-making and solving management problems. Computer programs are used to analyze problems.

The basic disciplines of management science are computer science, economics, mathematics, psychology, sociology and statistics. Management science is also known as managerial science or operations research.



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