Undergraduate - UnitFIT2033 - Computer models for business decisions

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Level	Undergraduate
Faculty	Faculty of Information Technology
Offered	Gippsland Second semester 2012 (Day) Gippsland Second semester 2012 (Off-campus) South Africa Second semester 2012 (Day)

Synopsis

This unit examines the principles and applications of business modelling, how a business system is used as a key component of the broad decision support system or DSS. At the completion of the subject the student should understand some of the most commonly used computer modelling techniques used in business and industry and be familiar with the applications of these techniques to the solution of business related problems. Topics will include the fundamental breakeven analysis, various types of linear programming, network models, various aspects of decision making, waiting lines systems, Monte Carlo simulation and forecasting techniques.

Outcomes

At the completion of this unit students will have -

A knowledge and understanding of:

• principles and applications of business models in decision support systems;
• cost analysis using breakeven technique;
• main approaches to deal with decision making problems in business;
• widely used linear programming tools;
• carrying out sensitivity analysis using computer software on a series of problems;
• queuing theory and simulation techniques;
• concepts of different types of forecasting;
• common optimisation methods for business applications;
• methodology to solve typical network problems using network flow models.

Developed attitudes that enable them to:

• recognise the potential 0f efficiency and productivity gains through the use of technologies;
• develop interest and expertise in formulation of real world problems and solving them by computer models.

Developed the skills in:

• the application of spreadsheets such as EXCEL in formulation and solving common business problems;
• use of advanced software such as Excel QM, TreePlan, CrystalBall program;

sensitivity analysis by use of computer models.

Demonstrated the communication skills necessary to:

• meet peer students and professionals with variety of business expertise;
• participate in group discussion and team work solutions to business problems.

Assessment

Examination (3 hours): 60%; In-semester assessment: 40%

Chief examiner(s)

Associate Professor Madhu Chetty

Contact hours

2 hrs lectures/wk, 2 hrs laboratories/wk

Prerequisites

One of FIT1006, ETW1102 or MAT1097 or equivalent.

Prohibitions

FIT2017, ETC2480, GCO2802

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

http://www.infotech.monash.edu.au/units/fit2033/