Running head: SELF-REFLECTION PAPER
This paper is self-reflection analysis of how by reviewing Quantitative Reasoning for Business (QRB) course will prepare me for future courses in economics, finance, accounting, operations, and research. This course will teach me how to use mathematical formulas, graphs, and tables in development of my analytical skills which are needed to become a successful manager.
As Yeskey (1988) stated in his article “Who says smart marketing comes only from smart marketeers? In today’s business climate, financial executives can supply the “quantitative backbone” to a marketing team.” After reading Quantitative Reasoning for Business (QRB) overview document I see that definitely it will prepare any student who is taking MBA course in his or her managerial future like economics, finance, accounting, operations, and research. QRB based on logic algorithm formulas, but it is not only related to math. It is much more than that. It goes beyond that. When I was reading an overview I realized it will prepare and empower analytical skills for any manager in making and applying business decisions. QRB is about how to apply these formulas in important business decisions that can lead the business to greater success.
In this paper I would like to concentrate on few formulas that are described and discussed in QRB. First formula I paid my attention to was
This formula is a very useful research tool on the hand of the manager. It allows computing price elasticity of demand for the product of the price. It will determine the right price of the product fitting the market demand.
The 3rd formula in QRB overview is very important and crucial in decision making. It can be applied in any field of economics, finance, accounting, and research. It shows and equalizes the break-even point for the business....