Monash University

Leader: Mrs. Sue Bedingfield

Offered

Clayton First semester 2008 (Day)
Clayton Second semester 2008 (Day)

Synopsis

The objective of this unit is to introduce students to the quantitative modelling techniques commonly used by executives in decision making and the application of IT tools to real-world decision making situations. Techniques covered typically include decision making under uncertainty, linear and nonlinear programming, sequential decision making, forecasting, and simulation. Upon the completion of this unit, the students are expected to recognise a complex decision making situation and to build a corresponding quantitative model. They are also expected to solve the model by applying techniques covered in this unit, to interpret results and finally, to provide "analyst-type" recommendations. The unit includes extensive use of advanced modelling tools available in Microsoft Excel as well as some VBA programming.

Objectives

To acquire the Knowledge and Understanding of:

1. The role of business decision making in organisations;
2. The decision making lifecycle;
3. Model building techniquesl;
4. Model solving techniques;
5. Model results presentation and interpretation;
6. The role of interactivity in decision modelling;
7. Popular and leading edge decision modelling tools.

To develop the following Attitudes, Values and Beliefs:

1. Recognise the value of effective decision making within an organisation;
2. Adopt a critical approach to decision models and their use in a business context;
3. Appreciate the value of modelling and simulation as effective decision making tools;
4. Appreciate the limitations of formal decision models and the necessity of post-solution interpretation stage;
5. Appreciate the risks and benefits of interactive computer-centered decision making.

To develop the following Practical Skills:

1. Create interactive decision models;
2. Interpret the results produced at model solving stage;
3. Select an appropriate decision modelling technique;
4. Assess model's limitations;
5. Analyse appropriateness of modelling environments;
6. Use Popular and leading edge decision modelling tools.

In addition, it is expected that the following Relationships, Communication and Team Work skills will be developed and enhanced:

1. Document and communicate a decision model;
2. Work in a team during model design and results interpretation stages;
3. Communicate during, and coordinate the decision making life cycle.

Assessment

Examination 60%. Assignments, class tests and laboratory exercises : 40%. Students must pass the examination in order to pass the unit.

Contact hours

4 x contact hrs/week

Prerequisites

BUS1100 or ETC1000 or FIT1006

Prohibitions

ETC2480, ETC3480, ETC4348, ETF2480, ETF9480, GCO2802, BUS1110