Leader: Dr Tissa Galagedera

Offered

Caulfield First semester 2008 (Day)

Synopsis

This unit is designed to develop quantitative problem solving skills. The emphasis is on recognising and identifying decision problems, modelling them and generating solutions to them. Various optimisation techniques used in the business decision-making process will be introduced. Topics include benchmarking with data envelopment analysis, integer programming, inventory control models, decision making under uncertainty, queuing models and simulation modelling. Applications in business, particularly in management, marketing, banking and finance will be used in the demonstration.

Objectives

The learning objectives of this unit are to:

• understand the complementary nature of the rational and behavioural approaches to decision making;
• select and apply quantitative modelling concepts to problems arising from business;
• formulate an appropriate model to analyse various business decision problems;
• apply tools available in Microsoft Excel and algorithms to generate solutions and appraise the solutions through the use of sensitivity analysis;
• communicate the analysis and results of business decision problems.

Assessment

Within semester assessment: 40%
Examination (2 hours): 60%

Contact hours

Two hour lecture and 1 hour computer laboratory class per week.

Prerequisites

ETF2480 or equivalent