Faculty of Business and Economics

Monash University

Undergraduate - Unit

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.

FacultyFaculty of Business and Economics
Organisational UnitDepartment of Econometrics and Business Statistics
OfferedNot offered in 2014
Coordinator(s)Dr Lee Gordon-Brown, Associate Professor Ralph Snyder


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.


The learning goals associated with this unit are to:

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


Within semester assessment: 40%
Examination: 60%

Chief examiner(s)

Workload requirements

4 hours per week