This unit is designed to introduce students to the practical application of decision support systems for finance using modern computer tools. It covers issues associated with the implementation, theory and risk of decision support systems for finance. The aims of this course are to provide a study of the concepts behind decision making; the tools and techniques to support various stages of the decision making process and to explore key factors of successful decision support systems for finance problems and their development methodology. On completion of the unit, students should be able to:
- understand the needs of decision makers and apply techniques and tools to support various phases of the decision making process
- formulate requirements for simulation and modelling and apply techniques of sensitivity analysis
- analyse and design effective decision support systems for finance problems.
At the completion of this unit students will have:
- familiarity with, and ability to apply, relevant decision support systems to the solution of financial problems;
- the ability to formulate, frame and solve financial problems in the context of appropriate decision support systems;
- an understanding of relevant finance concepts and understand how to apply those concepts in a practical setting.
A theoretical and conceptual understanding of:
- basic concepts of decision support systems;
- basic concepts of operational (investing and financing) finance;
- basic concepts and principles of decision support criteria as applied to operational finance;
- how decision support are applied to operational finance in organisations;
- opportunities, risks and liabilities arising from the usage and application of decision support in the context of operational finance in organisations;
- processes of acquiring, developing and managing decision support in the context of operational finance in organisations;
- techniques and tools (Excel spreadsheet modelling and Expert Choice for describing and analysing problems in operational finance in organisations under multicriteria decision making framework.
Developed attitudes that enable them to:
- recognise the importance of decision support systems in the context of operational finance to organisational processes and functions;
- recognise the opportunities and limitations of the role that decision support systems play in managing operational finance in organisations.
Developed the skills to:
- assess the potential scope for using decision support systems as part of the solution to an organisational operational finance problem;
- understand how to apply decision support systems to help solve the operational finance problems of an organisation;
- appreciate the limitations of decision support systems and appreciate the role that human judgement plays in determining solutions for operational finance problems.
Demonstrated the teamwork skills necessary to:
- Recognise the team skills necessary for successful development and implementation of decision support systems to operational finance problems in organisations;
- Appreciate the importance of the inter-relationships between IT professionals and the stakeholders in decision support systems in organisations.
Examination (2 hours): 60%; In-semester assessment: 40%
Completion of 24 points of FIT units at level 1
BUS3030, AFF2051, AFW2051