Undergraduate - UnitETC3490 - Risk and business modelling

This unit entry is for students who completed this unit in 2014 only. For students planning to study the unit, please refer to the unit indexes in the the current edition of the Handbook. If you have any queries contact the managing faculty for your course or area of study.

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6 points, SCA Band 2, 0.125 EFTSL

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

Level	Undergraduate
Faculty	Faculty of Business and Economics
Organisational Unit	Department of Econometrics and Business Statistics
Offered	Not offered in 2014
Coordinator(s)	Dr Lee Gordon-Brown, Associate Professor Ralph Snyder

Synopsis

This unit covers modelling of business processes involving risk and uncertainty. It has a particular emphasis on the principles of decision making under risk and the use of Monte Carlo simulation methods for complex business operations. It covers applications in the management of manufacturing and services, including inventory control. Training is provided in the programming language Matlab and the simulation package Simul8.

Outcomes

The learning goals associated with this unit are to:

provide an understanding of the quantitative way of thinking about business problems
enhance analytical skills for problem solving
increase computing skills for business modelling
provide tools for decision making under risk
examine quantitative dimensions of manufacturing and services management.

Assessment

Within semester assessment: 40%
Examination: 60%

Chief examiner(s)

Dr Lee Gordon-Brown

Workload requirements

4 hours per week

Prerequisites

ETC2470 or ETC2480

Prohibitions

ETC2490