Friday, February 20, 2015

FTV International Maritime Business (IMBU) Math Matters

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Guest Blogger 1/c Ian Underwood

In the International Maritime Business major, students are required to complete various courses that rely heavily on math. Quantitative methods of Management, Accounting, and Finance are just some examples of such courses.

In Finance II, the class is divided into groups to study different topics involving personal finance. The topics are directly related to things that we will face as soon as we graduate. Auto and home purchase, retirement savings, credit score, and picking the right bank, are just some examples of the typical topics that groups are tasked with researching. After two weeks of research and putting together presentations, the groups take turns explaining their findings to the rest of the class. In my presentation, auto purchase, my group members and I came up with a formula to determine the fair price to pay for a car which involves a significant bit of calculation.

The Quantitative Methods of Management course deals with various optimization problems. The beginning of the course deals mainly with the different formulae used to complete quantitative management problems. Later on, students in this class use the formulae previously learned to complete independent research projects that focus on the optimization of a product or business idea.

 Accounting on the other hand uses more basic math calculations to complete financial statements for different businesses. In class we study different transactions that a business may typically face. After recording the transactions and transferring them over to the balance sheet we make sure the accounting equation balances out accurately. Whether it is simple algebra in the accounting classes or more complex formulae in the finance and QM class or predicting market trends in chartering and brokerage or solving problems in global logistics, math plays a significant role in international maritime business. It is the building block that is used in several optimization problems facing a maritime business professional.

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