ETF3480 · Decision modelling for business

Overview

This unit develops skills in modelling complex decision problems. You will explore different classes of decision policies and apply tools such as simulation, decision trees, queuing models, and various advanced optimisation techniques. Applications span business functions including operations, asset pricing, marketing, and management. Emphasis is placed on selecting appropriate models and recommending optimal policies. You will use specialised software to implement models and analyse decision outcomes in practical business settings.

Offerings

Assessment

The Handbook lists an examination for this unit.

Assessment details may change. Please refer to the assessment information in Moodle closer to the start of the teaching period.

Requisites

Learning outcomes

1. understand the complementary nature of the rational and behavioural approaches to decision making
2. select and apply quantitative modelling concepts to problems arising from business
3. formulate an appropriate model to analyse various business decision problems
4. apply tools available in programming languages and algorithms to generate solutions and appraise the solutions through the use of sensitivity analysis
5. communicate the analysis and results of business decision problems.

Workload

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. You are expected to complete all pre-class activities prior to your scheduled class, and post-class activities should be completed after your scheduled class. Learning activities may include a combination of teacher directed, peer directed and online engagement activities.

Student experience, not official rules. Nothing here changes what the Handbook says.