Monash University Handbook 2011 Postgraduate - Unit

Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered.

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