FIT2017 - Computer models for business decision making - 2017

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.

Faculty

Information Technology

Unit guides

Offered

Clayton

  • First semester 2017 (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

On successful completion of this unit, students should be able to:

  1. develop interactive decision models, using a variety of techniques;
  2. interpret the results of mathematical decision models and conduct sensitivity analyses;
  3. apply appropriate decision modelling techniques to real world problems;
  4. critically assess the accuracy and applicability of modelling techniques;
  5. communicate the results of model-based decision analysis;
  6. design and implement spreadsheet-based mathematical programming techniques for optimisation;
  7. design, construct and analyse simulation based models.

Assessment

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

Workload requirements

Minimum total expected workload equals 12 hours per week comprising:

  1. Contact hours for on-campus students:
    • One 2-hour lecture
    • One 2-hour laboratory
  2. Additional requirements (all students):
    • A minimum of 8 hours of independent study per week in order to satisfy the reading and assignment expectations.

See also Unit timetable information

Chief examiner(s)

This unit applies to the following area(s) of study

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: