Decision analysis for managers
Associate Professor Ralph Snyder
6 points * Two 1-hour lectures and one 2-hour tutorial per week * First semester * Clayton * Prerequisite: At least one of ECM2400, ECM2410, ECM2420, ECM2450, ECM2480 * Prohibition: BUS2020
Objectives On the successful completion of this subject students will understand the quantitative way of thinking about planning and controlling business operations; have acquired computing skills for quantitative business modelling; possess a knowledge of quantitative methods suitable to support decision making under risk and uncertainty.
Synopsis Principles of decision making under risk, decision trees, common probability distributions in business applications, discrete time Monte Carlo simulation, inventory and production control, queuing theory, Markov chains and semi-Markov chains; a training in more advanced features of Microsoft Excel.
Assessment Written (1 assignment [computing and report]): 20% * Weekly exercises: 10% * Examination (2 hours): 70%
Recommended texts
Bierman H and others Quantitative analysis for business decisions 8th edn, Irwin, 1991