Applied mathematics in business.
As individuals and as a society, we use mathematics every single day to make important decisions, drive advancements, and understand the world around us. In this assignment, you will choose a real-world topic (from the list below) and you will describe and discuss how mathematicsis used to address current issues related to that topic. You will: 1. Describe the history of the topic as well as the history and development of the branch (or branches) of mathematics being used to address issues related to it, 2. Provide a summary of the formal mathematics being used to address issues related to your topic, with appropriate mathematical symbols, formulas, terminology, and concrete examples, 3. Explain how the mathematicsis applied in the real-world to work, community, social, and economic issues. Part 1: Topic Introduction and Historical Context (approximately 2 pages) Here is where you will introduce your topic and explain why it is important. You will also introduce the branch(es) of mathematics that are used to address issues related to your topic, and provide a brief history of the mathematicians or other key figures that contributed to its development. Please include each of the following: 1. Introduce your main topic (Business, Economics, Equal Representation/Fairness, Heath/Healthcare, or Education). Why is this topic important? What are some key current issues (social, political, environmental, technological etc.) related to your topic today? Why is it important to understand and address those issues? 2. Introduce and briefly describe the branch (or branches) of mathematics that may be used to address key issues related to your topic. This is merely a general introduction; you will discuss the mathematics formally in Part 2: Summary of Mathematics below. 3. Name at least 2 key figures that contributed to the development of the branch(es) of mathematics described above. Who were they? When did their research take place? How did their work contribute to the development of this type of mathematics? Part 2: Summary of Mathematics with Examples(approximately 2-3 pages) Here you will discuss the formal mathematics that are used to address issues related to your topic. (Note: You will apply the math that you present in Part 2 to your application examples in Part 3 so you may want to review Part 3 before completing this section). For any topic that you choose, there will be many different areas of mathematics that can be applied. Select one, or a few that you think are the most relevant, interesting, and applicable to your topic and include the following: 1. Choose and describe at least one branch of mathematics (you may have more than one) that is used to address issues related to your topic. Explain the formal mathematics by: a. Presenting and describing relevant symbols, notation, and terminology b. Presenting and describing key formulas c. Presenting and describing important theories or theorems 2. Provide an example that illustrates the mathematics described above being applied to a situation related to your topic (PLO 4), and solve the problem by: a. Describing the problem and the steps of the solution in words b. Presenting the mathematical steps of the solution using formal mathematical symbols, notation, and formulas, and provide and interpret the final answer (PLO 3) Note: You may choose an example from the problem sets in your textbook as long as you appropriately cite this example in your references. See the section Tips To Get Started below to see some suggested sections from your textbook Part 3: Real World Applications(approximately 3-4 pages) Here you will describe how the mathematics you presented in Part 2 is applied in the real world. You do not need to use the mathematics to solve any particular problem; rather, explain how the mathematics is (or could be) used to explain, address, or solve problems related to your topic, directly or indirectly, as described below. Include each of the following: 1. Provide at least one real-world example of a specific work or community scenario related to your topic where the mathematics you presented in Part 2 could be applied. (PLO 4) Describe the scenario and explain how the math would address it. What is the purpose and benefit of using math to address this scenario? Does it increase efficiency? Does it help with accuracy? What problems might we encounter if we neglected to use math to help address this scenario? 2. Provide at least one real-world example where accurate calculations and symbolic operations(using the mathematics you presented in Part 2) are, or could be used to interpret and/or explain a social and/or economic trend related to your topic. (PLO 3) This example should be something different from your example in #1 above. Describe the social or economic trend and explain how the math you presented in Part 2 helps to interpret or explain it. (Examples of social or economic trends might be things like income inequality, gerrymandering, equal housing, public healthcare, equal access to quality education, and so on.) 3. Describe and discuss how this topic and the mathematics you have presented are relevant to your own life, directly and/or indirectly. Formatting Requirements