6 points, SCA Band 2, 0.125 EFTSL
Undergraduate - Unit
Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered.
Department of Econometrics and Business Statistics
Not offered in 2017
This unit provides an introduction to business modelling. It examines how to systematically build, evaluate and implement both predictive and prescriptive models of common business processes, with the aim of supporting management in their role as decision-makers. Emphasis is placed on quantitative methods required to optimise outcomes, with due consideration given to the need to systematically address risk when it occurs.
The learning goals associated with this unit are to:
- understand common applications of business modelling in operations management, supply management, finance and project management
- formulate and solve business problems with quantitative methods such as linear, non-linear and integer programming
- address decision problems, involving risk and uncertainty, using Monte Carlo simulation
- acquire greater proficiency in advanced aspects of spreadsheet software, given the dominant place of this technology in business decision-making.
Within semester assessment: 40% + Examination: 60%
Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.
See also Unit timetable information