Calculate mortgage rates and production lot size

Assignment Help Applied Statistics
Reference no: EM134454

Part 1- Calculus has many uses in real life. Discovered simultaneously by Sir Isaac Newton and Gottfried Wilhelm Leibniz in the late 17th century, it has found its place in many scientific and engineering disciplines, as well as in some medical and service fields. Companies use it to calculate mortgage rates, production lot size, forecast the demand for the products, track epidemics and their spread, help solve crimes, even help estimate tax revenues. Most people are not familiar with calculus and its uses in a daily life. Software packages like ERP systems and IT decision making systems are built around algorithms and equations. When the end-users are creating master production schedules, future forecasts, or calculating inventory, most of them are not aware of the calculus background behind their daily tasks. have you used calculus in your daily work or school activities to perform calculations, create forecasts, or even solve difficult problems? What is your perception of importance of calculus in working environment? Do you see any benefits of learning calculus and applying it in your profession?

Part 2- Calculus has found many applications in real life situations. We can optimize electrical circuits, simulate entire manufacturing facility and find most optimal product flow, or simply find a best route on your GPS by entering points of interest and letting the processor calculate the most optimal path. In addition, we can also try to find the most optimal quantity at which the production costs will be minimized. However, there are other methods of finding the optimal quantities for the production lines, which do not require knowledge of differential equations and calculus. One can use Break-even analysis, Economic Order Quantity (EOQ), or Production Order Quantity (POQ) models to achieve similar results. what is the benefit of optimization models using derivative functions? How do derivatives and optimization models differ from other non-calculus based models?

Part-3 Search the Internet and the articles database in the library for a real-life application of calculus. For a hint, type the word "calculus" followed by a topic of interest to you. Alternatively, use your personal knowledge and experience or research possible applications of calculus in your workplace. Carefully review the item you selected and prepare a200 word write-up on the item. Include the following in your write-up: a brief description of the item, important points, and your critical remarks on the item selected. Provide the complete reference and web link if applicable for the item

Word count:200

Reference no: EM134454


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