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 2018
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.
On successful completion of this unit, students should be able to:
- develop interactive decision models, using a variety of techniques;
- interpret the results of mathematical decision models and conduct sensitivity analyses;
- apply appropriate decision modelling techniques to real world problems;
- critically assess the accuracy and applicability of modelling techniques;
- communicate the results of model-based decision analysis;
- design and implement spreadsheet-based mathematical programming techniques for optimisation;
- design, construct and analyse simulation based models.
Examination (2 hours): 60%; In-semester assessment: 40%
Minimum total expected workload equals 12 hours per week comprising:
- Contact hours for on-campus students:
- One 2-hour lecture
- One 2-hour laboratory
- 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