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
Organisational Unit
Department of Econometrics and Business Statistics
Chief examiner(s)
Coordinator(s)
Not offered in 2018
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%
Workload requirements
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