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.
Not offered in 2017
The objective of this unit is to introduce students to quantitative modelling techniques commonly used for business decision making. This includes the analytical methods used to understand, model and design business processes, and the application of IT tools to real-world decision making situations. Techniques covered include decision making under uncertainty, linear and nonlinear programming, sequential decision making, forecasting, and simulation.
On 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. Students will also gain hands-on experience in using simulation software as a tool for analysing business processes.
On successful completion of this unit, students should be able to:
- develop interactive decision models for business analysis and business process improvements;
- design and implement and analyse spreadsheet-based simulations and mathematical optimisation models;
- interpret the results of mathematical decision models and conduct sensitivity analyses;
- critically assess the accuracy and applicability of modelling techniques; communicate the results of model-based decision analysis.
Examination (2 hours): 60%; In-semester assessment: 40%
Minimum total expected workload equals 12 hours per week comprising:
- Contact hours for on-campus students:
- Two hours lectures
- Two hours laboratories
- Additional requirements (all students):
- A minimum of 8 hours of personal study per one hour of lecture time in order to satisfy the reading, tute, prac and assignment expectations.
See also Unit timetable information
This unit applies to the following area(s) of study
Completion of 24 points at Level 1 from FIT or BusEco and one of FIT1006, ETC1000, STA1010 or equivalent