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 the advanced modelling tools available in Microsoft Excel.
(a) To acquire the Knowledge and Understanding of:
(b) To develop the following Attitudes, Values and Beliefs:
(c) To develop the following Practical Skills:
(d) In addition, it is expected that the following Relationships, Communication and Team Work skills will be developed and enhanced:
FIT2017 is a core unit in the Bachelor of Business Information Systems.
You may not study this unit and ETC2480, ETC3480, ETC4348, ETF2480, ETF9480, GCO2802, MAT1097 or BUS1110 in your degree.
Monash is committed to ‘Excellence in education’ (Monash Directions 2025 - http://www.monash.edu.au/about/monash-directions/directions.html) and strives for the highest possible quality in teaching and learning.
To monitor how successful we are in providing quality teaching and learning Monash regularly seeks feedback from students, employers and staff. One of the key formal ways students have to provide feedback is through Unit Evaluation Surveys. The University’s Unit Evaluation policy (http://www.policy.monash.edu/policy-bank/academic/education/quality/unit-evaluation-policy.html) requires that every unit offered is evaluated each year. Students are strongly encouraged to complete the surveys as they are an important avenue for students to “have their say”. The feedback is anonymous and provides the Faculty with evidence of aspects that students are satisfied and areas for improvement.
Faculties have the option of administering the Unit Evaluation survey online through the my.monash portal or in class. Lecturers will inform students of the method being used for this unit towards the end of the semester.
On-campus students should register for tutorials using Allocate+
Monash aims to provide a learning environment in which students receive a range of ongoing feedback throughout their studies. You will receive feedback on your work and progress in this unit. This may take the form of group feedback, individual feedback, peer feedback, self-comparison, verbal and written feedback, discussions (on line and in class) as well as more formal feedback related to assignment marks and grades. You are encouraged to draw on a variety of feedback to enhance your learning.
It is essential that you take action immediately if you realise that you have a problem that is affecting your study. Semesters are short, so we can help you best if you let us know as soon as problems arise. Regardless of whether the problem is related directly to your progress in the unit, if it is likely to interfere with your progress you should discuss it with your lecturer or a Community Service counsellor as soon as possible.
|1||Introduction to the course, The role of Management Science in business decision making, Introduction to modelling.||Ragsdale Chapter 1|
|2||Linear Programming - Modelling and solving problems by hand.||Ragsdale Chapter 2|
|3||Linear Programming - Solving problems using Excel.||Ragsdale Chapter 3|
|4||Linear programming - Sensitivity analysis and the interpretation of solutions.||Ragsdale Chapter 4|
|5||Integer Linear Programming.||Ragsdale Chapter 6|
|6||Decision Making under uncertainty.||Ragsdale Chapter 15||Assignment 1 due this week|
|Mid semester break|
|7||Decision Trees. Decision Making using sample information.||Ragsdale Chapter 15|
|8||Inventory Modelling||Winston Chapter 11|
|9||Simulation.||Ragsdale Chapter 12|
|10||Test during lecture.||N/A||Assignment 2 due this week|
|11||Time Series Analysis and Forecasting.||Ragsdale Chapter 11|
|12||Time Series Analysis and Forecasting.||Ragsdale Chapters 9 and 11|
|13||Exam Preparation and revision||N/A|
Ragsdale CT (2005) Spreadsheet Modeling & Decision Analysis, 5th edition, Thomson 2007
Text books are available from the Monash University Book Shops. Availability from other suppliers cannot be assured. The Bookshop orders texts in specifically for this unit. You are advised to purchase your text book early.
Anderson, D., Sweeney, D., Williams, T. Quantitative Methods for Business, 8th Edition (or latest edition), 2001, Thomson Learning. (Prescribed Additional Text).
Lapin LL and Whisler WD, "Quantitative Decision Making with Spreadsheet Applications", Seventh Editions, Duxbury Press, 2002
Savage S, "Insight Business Analysis Software", Thomson Learing, 2003
Winston WL, "Operations Research: Applications & Algorithms", 3rd edition, Duxbury Press, 2004
Winston WL and Albright SC, "Practical Management Science: Spreadsheet Modelling and Applications" Third Edition, Duxbury Press, 1997
Albright SC, Winston WL, and Zappe C, "Data Analysis and Decision Making with Microsoft Excel" Duxbury Press, 1999
Microsoft Office 2003.
Study resources we will provide for your study are:
All downloadable from MUSO.
The Monash University Library site contains details about borrowing rights and catalogue searching. To learn more about the library and the various resources available, please go to http://www.lib.monash.edu.au.
The Educational Library and Media Resources (LMR) is also a very resourceful place to visit at http://www.education.monash.edu.au/library/
All unit and lecture materials are available through MUSO (Monash University Studies Online). Blackboard is the primary application used to deliver your unit resources. Some units will be piloted in Moodle. If your unit is piloted in Moodle, you will see a link from your Blackboard unit to Moodle (http://moodle.monash.edu.au) and can bookmark this link to access directly. In Moodle, from the Faculty of Information Technology category, click on the link for your unit.
You can access MUSO and Blackboard via the portal: http://my.monash.edu.au
Click on the Study and enrolment tab, then Blackboard under the MUSO learning systems.
In order for your Blackboard unit(s) to function correctly, your computer needs to be correctly configured.
For more information, please visit: http://www.monash.edu.au/muso/support/students/downloadables-student.html
You can contact the MUSO Support by phone : (+61 3) 9903 1268
For further contact information including operational hours, please visit: http://www.monash.edu.au/muso/support/students/contact.html
Further information can be obtained from the MUSO support site: http://www.monash.edu.au/muso/support/index.html
Title : Assignment 1
Spreadsheet modelling using linear programming and integer linear programming.
Weighting : 15%
Criteria for assessment :
Modelling and formulation
Due date : TBA
Title : Assignment 2
Decision Tree analysis using Excel and TreePlan
Weighting : 5%
Criteria for assessment :
Modelling and formulation
Due date : TBA
Title : Test during class
Weighting : 10%
Criteria for assessment :
Due date : During Lecture, Week 10.
Title : Tutorial Participation
Weighting : 10%
Criteria for assessment :
Due date : All tutorials
Weighting : 60%
Length : 2 hours
Type ( open/closed book ) : Closed book
The assignment cover sheet can be downloaded from the Faculty of IT website: http://infotech.monash.edu.au/resources/student/assignments/
The due dates for the submission of assignments are given in the previous section. Please make every effort to submit work by the due dates. It is your responsibility to structure your study program around assignment deadlines, family, work and other commitments. Factors such as normal work pressures, vacations, etc. are seldom regarded as appropriate reasons for granting extensions. Students are advised to NOT assume that granting of an extension is a matter of course.
Requests for extensions must be made to the unit lecturer at your campus at least two days before the due date. You will be asked to forward original medical certificates in cases of illness, and may be asked to provide other forms of documentation where necessary. A copy of the email or other written communication of an extension must be attached to the assignment submission.
Students can expect assignments to be returned within two weeks of the submission date or after receipt, whichever is later.
Assessment for the unit as a whole is in accordance with the provisions of the Monash University Education Policy at http://www.policy.monash.edu/policy-bank/academic/education/assessment/We will aim to have assignment results made available to you within two weeks after assignment receipt.
Plagiarism and cheating are regarded as very serious offences. In cases where cheating has been confirmed, students have been severely penalised, from losing all marks for an assignment, to facing disciplinary action at the Faculty level. While we would wish that all our students adhere to sound ethical conduct and honesty, I will ask you to acquaint yourself with the University Plagiarism policy and procedure (http://www.policy.monash.edu/policy-bank/academic/education/conduct/plagiarism-procedures.html) which applies to students detected plagiarising.
In this University, cheating means seeking to obtain an unfair advantage in any examination or any other written or practical work to be submitted or completed by a student for assessment. It includes the use, or attempted use, of any means to gain an unfair advantage for any assessable work in the unit, where the means is contrary to the instructions for such work.
When you submit an individual assessment item, such as a program, a report, an essay, assignment or other piece of work, under your name you are understood to be stating that this is your own work. If a submission is identical with, or similar to, someone else's work, an assumption of cheating may arise. If you are planning on working with another student, it is acceptable to undertake research together, and discuss problems, but it is not acceptable to jointly develop or share solutions unless this is specified by your lecturer.
Intentionally providing students with your solutions to assignments is classified as "assisting to cheat" and students who do this may be subject to disciplinary action. You should take reasonable care that your solution is not accidentally or deliberately obtained by other students. For example, do not leave copies of your work in progress on the hard drives of shared computers, and do not show your work to other students. If you believe this may have happened, please be sure to contact your lecturer as soon as possible.
Cheating also includes taking into an examination any material contrary to the regulations, including any bilingual dictionary, whether or not with the intention of using it to obtain an advantage.
Plagiarism involves the false representation of another person's ideas, or findings, as your own by either copying material or paraphrasing without citing sources. It is both professional and ethical to reference clearly the ideas and information that you have used from another writer. If the source is not identified, then you have plagiarised work of the other author. Plagiarism is a form of dishonesty that is insulting to the reader and grossly unfair to your student colleagues.
The university requires faculties to keep a simple and confidential register to record counselling to students about plagiarism (e.g. warnings). The register is accessible to Associate Deans Teaching (or nominees) and, where requested, students concerned have access to their own details in the register. The register is to serve as a record of counselling about the nature of plagiarism, not as a record of allegations; and no provision of appeals in relation to the register is necessary or applicable.
The Faculty of Information Technology is committed to the use of non-discriminatory language in all forms of communication. Discriminatory language is that which refers in abusive terms to gender, race, age, sexual orientation, citizenship or nationality, ethnic or language background, physical or mental ability, or political or religious views, or which stereotypes groups in an adverse manner. This is not meant to preclude or inhibit legitimate academic debate on any issue; however, the language used in such debate should be non-discriminatory and sensitive to these matters. It is important to avoid the use of discriminatory language in your communications and written work. The most common form of discriminatory language in academic work tends to be in the area of gender inclusiveness. You are, therefore, requested to check for this and to ensure your work and communications are non-discriminatory in all respects.
Students with disabilities that may disadvantage them in assessment should seek advice from one of the following before completing assessment tasks and examinations:
Deferred assessment (not to be confused with an extension for submission of an assignment) may be granted in cases of extenuating personal circumstances such as serious personal illness or bereavement. Information and forms for Special Consideration and deferred assessment applications are available at http://www.monash.edu.au/exams/special-consideration.html. Contact the Faculty's Student Services staff at your campus for further information and advice.