Undergraduate - UnitFIT2017 - Computer models for business decision making

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Level	Undergraduate
Faculty	Faculty of Information Technology
Offered	Berwick First semester 2012 (Day) Clayton First semester 2012 (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.

Outcomes

At the completion of this unit students will have:
A knowledge and understanding of:

• the role of business decision making in organisations;
• the decision making lifecycle;
• model building techniques;
• model solving techniques;
• model results presentation and interpretation;
• the role of interactivity in decision modelling;
• popular and leading edge decision modelling tools.

Developed attitudes that enable them to:

• recognise the value of effective decision making within an organisation;
• adopt a critical approach to decision models and their use in a business context;
• appreciate the value of modelling and simulation as effective decision making tools;
• appreciate the limitations of formal decision models and the necessity of post-solution interpretation stage;
• appreciate the risks and benefits of interactive computer-centered decision making.

Developed the skills to:

• create interactive decision models;
• interpret the results produced at model solving stage;
• select an appropriate decision modelling technique;
• assess models limitations;
• analyse appropriateness of modelling environments;
• use Popular and leading edge decision modelling tools.

Demonstrated the communication skills necessary to:

• document and communicate a decision model;
• work in a team during model design and results interpretation stages;
• communicate during, and coordinate the decision making life cycle.

Assessment

Examination (2 hours): 60%; In-semester assessment: 40%

Chief examiner(s)

Dr John Betts

Contact hours

2 hrs lectures/wk, 2 hrs laboratories/wk

Prerequisites

FIT1006 or BUS1100 or ETC1000 or STA1010

Basic knowledge of MS Excel is assumed.

Prohibitions

ETC2480, ETC3480, ETC4348, ETF2480, ETF9480, GCO2802, MAT1097, BUS1110

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

http://www.infotech.monash.edu.au/units/fit2017