The objective of this unit is to introduce you to quantitative modelling techniques commonly used for business decision making. This includes the analytical methods used to understand, model and design business processes, and the application of IT tools to real-world decision making situations. Techniques covered include decision making under uncertainty, linear and nonlinear programming, sequential decision making, forecasting, and simulation. On completion of this unit, you are expected to recognise a complex decision making situation and to build a corresponding quantitative model. You 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. You will also be made aware of simulation software as a tool for analysing business processes.
Applied sessions start from Week 2. Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled online and face to face learning activities and independent study. Independent study may include associated reading and preparation for scheduled teaching activities.
Communicate the results of model-based decision analysis.
Critically assess the accuracy and applicability of modelling techniques;
Design and implement and analyse spreadsheet-based simulations and mathematical optimisation models;
Interpret the results of mathematical decision models and conduct sensitivity analyses;
Develop interactive decision models for business analysis and business process improvements;
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