Introduction to Quantitative Methods

SUMMARY: Matrix is a set of 'm × n' numbers arranged in the form of rectangular array having 'm' rows and 'n' columns. It is called an m x n matrix. Matrices play an important role in modern techniques of quantitative analysis of managerial decisions. Matrices provide a compact way of representing a system of equations.

This chapter discussed about determinants, adjoint and inverse of a matrix. To the end of the chapter we have discussed how managers can use matrix methods like Cramer's Rule, matrix inversion method and Gauss - Jordan elimination method to solve linear equations related to various managerial problems. Thus, matrices play a vital role in a manager's decision making process.