For our friends in India

Wish you a happy diwali..... May god make your dreams come true.....

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5 crucial points to be kept in mind while solving a probability based problem in GMAT

1.    Calculate the numerator {Number of favourable terms} and the denominator {Total number of terms}     separately using the concepts of arrangement, permutation and combination.

2.    Be part of the problem : Imagine you are arranging / selecting the items. The action of taking     the object and placing it in the relevant position is the key.

If you have to arrange 10 rings in 4 fingers, you have to imagine yourself picking a ring and placing it on a finger instead of computing the number of rings each finger has.

3.    When two or more items are picked it is easier to compute the probability of picking one     element at a time than computing the probability of picking many items at a time.

4.    When A and B are selected relate the respective probabilities with multiplication. When either     A or B is selected relate the respective probabilities with addition.

5.    When there are multiple outcomes possible the probability of at-least one of them happening is     computed by calculating the reverse probability
 = 1 – probability of event not happening.


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5 crucial points to keep in mind while solving a permutation combination problem

1.ARRANGMENT N terms can be arranged in N! ways, if each position can be occupied by one term. N terms can be arranged in NM ways if each position can be occupied by 1 term or 2 terms or …… N terms.  M stands for the number of positions to be filled.

2.COMBINATION M terms can be selected from P terms in [ (P)combination(m) ] ways.

3.In certain situations it is required to first choose the terms and then arrange the terms. i.e.     PERMUTATION.     Permutation = combination x arrangement.

4.When N objects are distributed among P positions such that each position can get any number     of objects (zero, one, two ……N) then the number of ways of arranging the items is [ (N+P-1) combination (P-1) ]

5.When N objects are distributed among P positions such that each position can get atleast one     objet (one, two ……N) then the number of ways of arranging the items is [ (N-1) combination (P+1) ]

5 most overlooked points while solving GMAT triangle based problems (under Geometry)

1. Similar triangles are triangles whose sides are proportional. If ABC and PQR are two similar triangles then AB/PQ = BC/QR =AC/PR. The angles opposite to the sides(which are in a ratio) are also proportional  
   
2.   Area of a triangle(sides are a,b,c) is based on the hero’s formula 

           

          s= (a+b+c)/2 , R = circum radius and r= inradius

  3.   The sum of two sides of a triangle is greater than or equal to the third side and the difference of any    

      two sides is lesser than or equal to the third side. This property is used extensively in GMAT higher

           difficult problems

    4.    For the equilateral and the isosceles triangle the altitude bisects the base and hence the triangle into
           two equal parts

    5.    The largest triangle (with the maximum area) which can be inscribed in a circle is the equilateral
           triangle.

Bschools in India taking GMAT scores

For our INDIAN friends............

MBA aspirants in India with reasonably good scores in the GMAT can use the score for admissions to select B. Schools within the country.
Here’s a list of those B.Schools
1.    Indian School of Business, Hyderabad
2.    IIM Ahmedabad’s PGPX
3.    IIM Lucknow’s IPMX
4.    MICA Ahmedabad
5.    Great  Lakes Inst of Management, Chennai
6.    NMIMS Mumbai
7.    IIMs for PGPX programs
8.    MDI Gurgaon for fellow programs
9.    Select IIMs for fellow programs

Increase in Female graduates in MBA programs

As per director of MBA admission Wharton school, the number of women in their MBA class has increased from 36% to 40%.
Similar trend has been noticed in other Business schools.  Harvard Business School’s
class of 2011 is 37% female, while the University of Chicago’s Booth School of Business is 35%
and Northwestern University’s Kellogg School of Management is 33%.

Stanford’s new admission policy

Most sources say that while applying for a Bschool,it does not matter when you send your application(1 year earlier or 1 day before the deadline), because they will read your application until the application deadline passes.

But Stanford it seems have articulated a policy that they will review the admission application and inviting applications for interviews before its first round deadline passes. This has been designed in order to balance the work load of the admission committee.

Although it is advisable to rush your application procedure, it is better to apply when you think you are ready.

Executive MBA

Transform the manger in you to a business leader

Gone are the days when a 30 plus executive, resigns his job, packs his bags and set out for a 2 year full time MBA, with a 700 plus GMAT score neatly tucked away in his laptop bag.
During recession, if you are not given a pink slip you are plain lucky. You hold  tightly on  to your present job. For you got to pay your EMIs, credit card bills and the like. Can you afford the luxury of a 2 yr study abroad? The answer is No.

The X factor
Called the executive program ( for work ex guys), the PGPX is the new hope. ‘Learn while you earn’ literally works.  There are wide variety of executive programs to choose from- Indian and international.
The program duration ranges from a few weeks to one year.
ISB Hyderabad to MDI Gurgaon to INSEAD France offers such courses. Some are full time campus programs, others partly distance, partly on campus. Courses designed, delivered and certified by prestigious B.Schools. Platforms are offered by HughesNet and NIIT for videoconference lessons. The advantage aspirants can attend live lessons delivered from real campuses and interact with faculty. They can network with fellow learners form across cities.
Both public sector and private sector executives take up executive programs.

What they teach
A sense of direction,  business strategies and personal effectiveness; ability to manage conflict; clarity in decision making and the skill to manage people of all dispositions and temperaments.
Course variations: I year fulltime executive program/ 1 yr certificate program(satellite), 6 month campus programs/ 5 week campus program/ online MBA
Sought after specializations

• HRM
• Finance
• Operations
• IT
• General management
• International business
• Public management and policy

A partial list of prestigious programs
ISB’s executive MBA , IIMA’s PGPX, IIM L’s IMPX, IIM Indore’s PGCBM, XLRI’s Executive MBA, MDP(a few weeks to 6 month) of many top B Schools
NIIT Imperia, HughesNet programs, U21, e-MBA , 5 week Advanced Management program INSEAD France…

Guided composition for GMAT issue topic

Presented below is an issue topic. I have given preliminary notes around which you can write your issue essay. Try it out...

Present your perspective on the issue below using relevant reasons and/or examples to support your views

“Only through mistakes can there be discovery or progress”

Preliminary notes:

• Do I agree completely with the statement?
• Can’t there be progress without mistake? - Yes, there can be
• Does mistake lead to progress – Yes – but is it only through mistakes that we make progress- no – does this mean serendipity?
• What about man’s intellectual curiosity that motivates him to discover new knowledge? – it is true
• Let me qualify the statement examples
• Scientist purposefully searches fro new knowledge with out having made mistakes – a nation can learn from its past mistakes.

US Visa - Non imigrant visa simplified

The application and interview process for non immigrant visa to US is a simple procedure.
Follow this
1.Log on to www.(ur city name).usconsulate.gov – click visas to the US.
2.Find the nearest HDFC bank and get a DD for the visa fee and the courier fee
Log on to the website with the receipt
3.Click link to ‘how to apply’. Then ‘get the forms’. Fill the DS 156 and DS 157
completely.
4.Click link to ‘schedule an appointment’.
5.Click the link to VFS (this will direct you to VFS website)before going to this
site you should have all necessary info and the fee receipt with barcode stickers.
6.Schedule your appointment after 48 hrs
7.At the VFS site click ‘apply for nonimmigrant visa’; go through every page
carefully filling in all information.
8.Your appointment letter is sent to your email address.
9.Printout your application and appointment letter. Carry these to the interview.
10.A successful visa interview would mean in three to four days you get your visa
in courier. You can check the status of your visa in the website.
Source: The Hindu

5 most overlooked points while solving GMAT number based problems (Arithmetic based problems)

The 5 series!!!!

5 most overlooked points while solving GMAT number based problems (Arithmetic based problems)

1.Study the factors of a number. Factors of a numbers are numbers which can divide that number. The factors for 28 are1, 2, 4, 7, 14, 28. Factors are always smaller than a number. The number of factors for a square is always odd.

2.Study the multiples of a number. Multiples of a number are numbers which are obtained by multiplying a given number by a constant. When you want to combine two numbers use LCM. For example : What is the smallest 4 digit number which can be divided by 2,5,6,8 and 9. To solve this sum first: you would have to combine these numbers to arrive at a common number i.e.the LCM of 2,5,6,8 and 9 and then proceed to obtain the smallest 4 digit number.

3.Any number raised to the power of 4 will lead to a number (say k)whose last digit remains the same irrespective of the number of time the number is multiplied with itself.(k x k x k…..n times where n can be any integer)

4.Let a × b = c. The remainder obtained when you divide c by d is equal to the product of the remainders obtained when you divide a by d and b by d. Instead of finding the remainder of 625 when divided by 7 it would make sense find the remainder of 25 when divided by 7 and multiplying the remainder twice to get the overall remainder( 625 =25 x 25)

5.While solving number based data sufficiency problems substitution of all possible numbers (positive integers, negative integers, positive fractions, negative fractions, zero) is necessary before arriving at an answer.

For example: Is (a/b) > (c/d)
1. a > c
2. b >d

Each statement individually will not yield an answer. When the statements are taken together substitute positive numbers, negative numbers to check the consistency of the answer. Also substitute numbers which are near each other as per the number line (a=2,c=1) and numbers which are far away (a =1000, c=1)

How to take charge of you GMAT math section?

To get a high score in the GMAT, you must be familiar with the relevant concept/formula as well as the hidden relationships accompanying the concept/formula.  Many of us attempt to crack the math section of the GMAT by solving problems from sources such as the official guide.

This strategy works for people who have a strong mathematical background. For the rest of us, we have to first understand the concepts, then we have to derive relationships from the existing concepts.

Concept learning is an art. We look at a math text book and we get overwhelmed by the size. 20 odd chapters!! How am I going to master all of them? Each topic looks menacing.

But if you observe closely not all the concepts are abstract, a time speed distance problems is related to a problem based on similar triangles(geometry), a problem on roots of an equations is based on factor theorem in number system. The concepts required to crack GMAT math are inter- related.

 The quantitative section is primarily focussed on number system, ratios proportion and percentages.  Majority of the other concepts are based on these concepts. Focus on these areas first, then apply these concepts to study other concepts like Time and work, Geometry, Profit, loss and discount,.

So from 20 odd chapters the area of focus boils down to 3 or 4 chapters.

Also:  Make derivations

While working out practice problems at the conceptual level, derive notes on where you can apply the concepts. Some of these derivations are highlighted below.

Presented below are some of the hidden relationship accompanying the concept/formula. These relationships are termed ScOT bytes which are the present through out our course material.

1. Let A and B be two numbers, then Product of A and B = HCF (A, B) × LCM (A, B)

2. (Even number)^4x  will always end in the digit: ‘6’,(Odd number)^4x  will always end in the digit:  ‘1’

3. Let a × b = c.  The remainder obtained when you divide c by d is equal to the product of the remainders obtained when you divide a by d and b by d.

5. If a is increased/decreased by b%, then the new value calculated after the increase is new value = a ± b% of a  ±  (b/100) x a

7. If a same positive number is added to both the terms of ratio (of lesser inequality), then the ratio is increased.

8. If a same positive number is added to both the terms of ratio (of greater inequality), then the ratio is diminished.

9. The number of factors for a square number is always odd. For 4 there are 3 odd factors(1,2,4), for 9 there are 3 odd factors(1,3,9)...

10. Discount percentage is always calculated on  list price/marked price and not on selling price.

11.If a:b = 3:4 then a and b are not equal to 3 and 4 respectively. a = 3x and b = 4xwhere x is any constant.

12. The Simple and compound interest is the same after 1 year. The amount as well as the compound interest increases by r% every year.

Where r1,r2,r3 are interests and n1,n2 

and n3 are the years.

14. To convert km/hr into m/sec multiply the number by 5/18

15.Average speed can be calculated by 2ab/(a+b) where a and b are the two speeds. This formula is only applicable when the distance travelled is constant.

For more math tips and details browse

http://www.semanticslearning.com/beta/gmat-l3-method.asp

Download the math concept book for SAT,GMAT,GRE at

http://www.semanticslearning.com/beta/downloads/GMAT-Math.zip

Planning to study abroad

The general trend is that students aspiring to study abroad tend to apply for programs which they think will positively impact on their future earning potential.
If you are interested in studying for a course apply early because competition for entry to popular programs at good institutions is severe; an early application helps to secure both admit and financial support.’

Tour the tours
The US, UK, France, Italy, Spain, Australia, Singapore and Canada, are ever on the list of those foreign bound. Attending education tours organsied by established agencies will help you gain information on suitable courses, application procedures, admissions criteria, visa requirements and scholarship opportunities.
The world MBA tour is offering an unprecedented US $ 1.1 million in exclusive scholarships for MBA. They are offered to candidates only if they visit the fair in their city of choice. So go for it.
Some factors

A. Work experience: how much?
The average work experience that MBA schools generally look for in prospective students is
Three to four years, although each school has its own standards. Business schools are not faculty- focused; peer to peer interactive learning, case work, projects, presentations all demand strength of experience of the MBA students. People with some real experience can contribute to quality group participative learning. Experience can be in diverse fields and industries, not necessarily managerial.

B. Given the volatility of the dollar, the cost?
For international students this is a concern. But cost, if viewed as ‘return on investment’ will scare you less. There are various ways to fund your business education- loans and scholarships. Schools will take extra care to ensure that the right applicants are absorbed into their courses.

C. The best destination for MBA?
The best study abroad experience can differ form country to country and institution to institution. And your interests, skills, specializations. The best for one student need not be the best for another. Let your personal aims and ambitions guide you in this. Research schools on an individual basis.

D. Education loans: from home country or those on campus?
Both are sought after. Interest rate, pay back time, speed of sanction- are to be considered. The tuition fee is obviously one of the biggest costs. Market rate tuition fees, the current practice, favor students. Other expenses to be taken into account are travel, accommodation, living and compensating for time away from employment. These are not uniform and vary for students form different nationalities.
MBAs will not go out of fashion even during recession times. Most banks know that MBAs are going to be among the highest earners within a short space of time and they can work in most industries. One should not wait until an admissions decision is received to identify outside sources of funding. Keep researching for fellowships and scholarships.

E. Other forms of aid?

Savings from your employment so far, family contributions, institutional scholarships and bursaries from your department of study, assistantships and part-time employment: (teaching / research assistantships are available in many institutions for postgraduate students, who can work up to 20 hours during term time)
*Australia and Canada, allow international students to work up to 20 hours per week during their studies.

Know your biz gurus

Peter Drucker: 1909- 2005

Education: Doctorate in International Law and public law from the University of Frankfurt in 1931.

 Peter Drucker has been called the world’s most influential business guru, whose thinking transformed corporate management in the latter half of the 20th century. Drucker started his career as a business strategist when he was invited to do what became a seminal two-year social-scientific analysis of General Electric. In 1950 he became professor of management in the graduate business school at New York University. Drucker taught management advice with interdisciplinary lessons from history, sociology, psychology and religion. He developed one of the country’s first executive MBA programs for working professionals at Claremont Graduate University, now known as Peter F Drucker and Masatoshi lto Graduate School of Management. Few know that the management visionary actually foretold the current financial crisis and the potential involvement of the US government with the financial companies.

Books authored: His ideas on management and leadership have been published in more than thirty books. Notable among them are:

            * The Practice of Management

            * The Concept of the Corporation

            * Managing in a Time of Great Change

            * Management Challenges for the 21st Century

Key Concepts: He advocated that business should be managed by balancing a variety of needs and goals, rather than subordinating an institution to a single value. This concept of management by objectives forms the keynote of - The Practice of Management.

In 1959, Drucker coined the term ‘knowledge worker’ and pioneered the idea of privatization. Later in his life he considered knowledge work productivity to be the next frontier of management. He believed in the empowerment of workers and the futility of big government, which he called ‘obese, muscle-bound and senile’.

CEOs who used his tactics: During his long consulting career, Drucker worked with many major corporations, including General Electric, Coca- Cola, Citicorp, IBM, and Intel. Drucker also served as a consultant for various government agencies including Salvation Army and the American Red Cross.   

India Budget 09 favors overseas education aspirants

If the new budget is any indication, aspiring students of a wide range of higher education programs overseas can avail loans from Indian banks and earn tax benefits too. This is all the more good news for MBA aspirants, since the fee for management courses abroad is very high. Taking loans for public sector banks makes sense especially for those who intend to return after completion of the course to work in the Indian subcontinent.

Criteria for loan disbursal.
Banks take into account some crucial factors in sanctioning loans
1. Whether you received confirmed admission.
2. Whether your admission is merit based.
3. Your previous qualification
4. Whether the college is ranked high
5. Future job prospects and likely income
6. Repayment capacity of the co-applicant
7. Placement record of the university

The repayment begins usually one year after the course is over. The standard repayment period is 5-7 yrs. Banks have put an upper limit on loan disbursal at 20 lac.
Let funding issues not come in the way of your career aspirations.