# Equations

In the midst, of homeschooling the children are learning more about equations. Although, teaching them can be interesting to see what they can get right with working with the equations. Most people do not believe that we use equations in everything that we do in our life. We use equations for a variety of things. Telling time, distant from one place to another, cooking in the kitchen, plotting out a garden, and many other things.

Of course, the equations that we are working on are simple. However, if you are good with math these are not challenging enough. One of the equations we are working on today is

(3x^2y^6)^7
3^7(x^2)^7 (y^6)^7
2,187x^14y^42

Simple for those who understand math equations however, when you are teaching math equations you have to do it step by step for the children to learn the process of finding their answer without the help of a calculator.

3a^n (a^n + a^n-1)
3a^n × a^n + 3a^n × a^n-1
3a^2n + 3a^2n-1

Math can be fun, and easy to learn when you have the right person teaching you the ropes of the equations. Enjoying math is not easy for most people because they think they are always going to get the wrong answer. However, when you second guess yourself you will always get the answer wrong because of the second guessing.

# Math is not a problem for me…at all!

I would have to say that in high school I struggled with math. However, after obtaining an Associates, Bachelor’s, and Master’s I do not have a problem with math anymore. I do not even have to work the problems that my homeschooling children do. It shocks them to say the least because I just check all the problems and if they get one wrong I have to show them why they got it wrong. Then it is like a light went off in their heads and they say I should have seen that…..:) I love math, statistics, and all other forms of math. I would like to go for a Doctorate in Mathematics however, that it going to be a while before that happens…..

# Frequency Distribution

What is the purpose of developing a frequency distribution? What is the relationship between the relative frequency and the cumulative frequency? Could a frequency distribution contain qualitative data? Why? In thinking about frequency distribution which, shows various data that is divided into different classes within a business. It also divides the occurrences in each of the specific classes. These frequency distributions are used in quantitative, and qualitative data analysis within any type of business. Many of the graphs, histograms, pie charts, and bar charts can be used within the frequency distribution to keep track of how well any product or service is doing within the business. The relationship between the relative and cumulative frequency is that the relative frequency counts the total number of counts on a certain product or service. While the cumulative frequency sums up the number of counts on the product or service provided. In my opinion this would be a good tool to use because of the data that it would provide for any business. Especially to see how well a product or service is doing within that business. It is also used to see how many times a certain event would happen over the course of a certain period of time. If the data that has been collected over that period of time is quantitative then the data will be used within the frequency distribution.

# Variables

What is an independent variable? What is a dependent? What is the relationship between independent and dependent variables? What is the purpose of differentiating these terms?

Independent variables are mathematical factor’s that will vary and can be manipulated by the researcher because they would want a certain outcome. A dependent variable is a mathematical factor that would change depending on the researcher’s independent variable. Throughout math we learn that x is the independent variable and y is the dependent variable. By differentiating these two terms can be used in order to find two different numbers within the equation. Throughout the workplace we use variables on a daily basis. For example the current place that I am working for just came out with some new entrée’s to offer to the customer’s. We could take one of the new entrée’s and use it as an example our Mixed Grill is delicious. This entrée would be considered the independent variable because this entrée would rely on the customer’s purchasing the entrée. The sales/revenue that is created from this entrée would be the dependent variable because it would change based on the performance and demand of the entrée. By putting two and two together I now get a better understanding on how important it is to research and gather as much information about the entrée and how it would affect the business. A manager must have a clear understanding of mathematical equations in order to make it through one day of being a manager. Just because there are programs that can do this type of math does not mean that you are always going to get the right answer without doing a little bit of research along with the numbers.

# Simultaneous equations

Simultaneous equations are a set of equations containing multiple variables. What are two examples of how simultaneous equations are used in business? What are some of the different ways you can satisfy these equations?

When we think about simultaneous equations we find that they are not used just to find the points on any type of given graph that is given to you by your algebra teacher but we can also use the same type of equations within the business world as well as in the classroom. A visualization of the graph is helpful to find the information that is needed and to work the equation out. This will allow the business to see the growth, shrinkage, depletion, losses, and other various business methods that will occur within the company on a regular basis. A company or business might use these types of graphs to see how well a product is doing compared to other products on the same product line. Flow charts and pie graphs help the business to see what is doing the best and what products are not doing anything at all.

Company’s will use this information to forecast scenarios to make sure that the company is going to be a success with those types of products. Keeping track of the trends within the business world is a timely task but it has to be done in order to keep up with the growing trends with the business world today. Information can be another simultaneous equation within the business world because the company can predict what the product or service trends are within the global, local, or any other type of specific market. A company that I worked for would use the sales from last year and try and make it over those sales this year. Sometimes this would work out and sometimes it would not because you do not know how many customer’s are going to come into your establishment today but it is a goal for the business to try and beat and increase sales on any given day. Like all business’s they use these equations to predict the amount of sales that they would be doing.

tammyhopkinsonmba.wordpress.com

Please visit this site since it has changed recently

Customer Service

# Cost Recovery

The first basic cost recovery strategy is the cost of goods sold which would require the company to take something that is already in stock, and turn around and sell it at a lower price to recover the funds that the company has spent on the product. Secondly, the company has depreciation, which allows the company to sell the assets now possibly at a discounted rate because the cost may be different in the future because of the depreciation in value. Furthermore, amortization is used for the intangible assets that the company has which accumulates value over time. If a company decided to buy a contract for five years for another retailer in the area. The contract could be sold or completed within that period with the company recovering all the funds. The last cost recovery strategy is the depletion this method is part of the passive income from the company’s outside sources. These outside sources could include rent for other space in a different building or the company paying for natural resources surrounding the property. A company would implement a cost recovery strategy to assure that all measures have been taken. If a company were to not spend enough time, preparing for what may happen in the future could cause the business to close. This would result in the company closing and not being able to pay the bills that it has incurred during business. In order for a business to survive, they must earn the consumer’s trust and treat the consumer as if they are the most important thing surrounding their company.

# Pricing products in any Market

1) What aspects of the product, company, and market determine the appropriate price of a new product? How would you determine what is most influential in determining the price of your new product or service? Provide an example that illustrates your answer.
Some of the aspects that determine the price of a new product within the business, company, product, or market would include: selecting the pricing objective within the company. The business research team would need to estimate and determine how the demand curve is at to determine the price of the product. To estimate the costs and variances at the different level outputs within the business. Therefore, the research team would analyze the competitor’s along with the prices, offers, and costs associated with the product. Furthermore, the company would have to select the right pricing method and decide on the final price of the product. Moreover, company’s rarely set a single price for the products that they sell. The company’s structure a pricing plan in place to show the variations in the geographical demands or costs associated with the product.
In order to determine the price of the new product or service through our assignment I would have to implement a focus group or demo of the product to certain prospective consumer’s to see how much they would purchase the product or service for. There can be several ways to get the information that is needed to make a solid and logical judgement on whether or not the product or service would be beneficial to the company. By administering a variety of tests during different times or in different stages would benefit the business. PSM is a test that is widely used throughout the world in different businesses to determine which price range is appropriate for the product or service being offered. Another option is to measure the demand curves to find out the primary influences within that community or certain prospective consumer’s. Which would include a variety of surveys, and experiments.

# Correlation Analysis

What is the purpose of using correlation analysis? How might correlation analysis be used in business decisions or in strategy formulation and implementation?