6 points, SCA Band 3, 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
This unit is designed to develop quantitative problem solving skills. The emphasis is on recognising and identifying decision problems, modelling them and generating solutions to them. Various optimisation techniques used in the business decision-making process will be introduced. Topics include benchmarking with data envelopment analysis, game theory, queuing models, Markov chains and simulation modelling. Applications in business, particularly in management, marketing, banking and finance will be used in the demonstration.
The learning goals associated with this unit are to:
- understand the complementary nature of the rational and behavioural approaches to decision making
- select and apply quantitative modelling concepts to problems arising from business
- formulate an appropriate model to analyse various business decision problems
- apply tools available in Microsoft Excel and algorithms to generate solutions and appraise the solutions through the use of sensitivity analysis
- communicate the analysis and results of business decision problems.
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