ETC3480

Decision analysis for managers

Associate Professor Ralph Snyder

6 points
* Two 1-hour lectures and one 2-hour tutorial per week
* First semester
* Clayton
* Prerequisite: At least one of ETC2400, ETC2410, ETC2420, ETC2450, ETC2480
* Prohibition: BUS2020

Objectives On the successful completion of this subject students will understand the quantitative way of thinking about planning and controlling business operations; have acquired computing skills for quantitative business modelling; possess a knowledge of quantitative methods suitable to support decision making under risk and uncertainty.

Synopsis Principles of decision making under risk, decision trees, common probability distributions in business applications, discrete time Monte Carlo simulation, inventory and production control, integer programming, heuristic methods of optimisation; a training in more advanced features of Microsoft Excel, including Visual Basic for Applications (VBA).

Assessment Written (1 assignment [computing and report]): 20%
* Weekly exercises: 10%
* Examination (2 hours): 70%

Recommended texts

Bonini C P, Hausman W H and Bierman H Quantitative analysis for management Irwin, 9th edn, 1997
Harris M Teach yourself visual basic for applications in 21 days Sams, 1996