Monash University Handbook 2010 Postgraduate - Unit

Synopsis

This unit introduces students to the principles, techniques and applications of computer-based decision support models for business and industry. Topics include: decision trees; linear programming and optimisation; other mathematical programming methods; waiting lines and queues; time series analysis and forecasting; inventory modelling and discrete-event simulation. Models will be built and solved using spreadsheets or other computer applications as appropriate.

Objectives

At the completion of this unit students will:

• have knowledge of a variety of techniques for modelling business decision problems;
• be able to choose the appropriate decision model for a particular problem;
• have skills in setting up simple models and solving with hand calculations;
• have skills in setting up mathematical models for solution in a spreadsheet or other application software;
• have skills in the validation of models and conducting a sensitivity analysis.
• have skills in analysing a real problem and reporting the results;
• understand the difficulty of applying models to real situations, which often requires that approximations, simplifications and generalisations be made;
• understand that the approximate nature of some types of business modelling means that a sensitivity analysis be conducted.

Assessment

Examination (2 hours): 70%; In-semester assessment: 30%

Chief examiner(s)

Dr John Betts

Contact hours

2 hrs lectures/wk, 2 hrs laboratories/wk

Prerequisites

At least one quantitative unit (such as Mathematics or Statistics) in an undergraduate degree.

Prohibitions

BUS5570

Additional information on this unit is available from the faculty at:

http://www.infotech.monash.edu.au/units/fit5097