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.
2 hrs lectures/wk, 2 hrs laboratories/wk
Students will be expected to spend a total of 12 hours per week during semester on this unit.
At the completion of this unit students will have:
A knowledge and understanding of:
Examination (2 hours): 60%; In-semester assessment: 40%
|Assessment Task||Value||Due Date|
|Assignment 1||15%||15 April 2011|
|Assignment 2||5%||13 May 2011|
|Tests during class||10% in total||During Lecture, Weeks 4, 8, 10 and 12.|
|Tutorial Participation||10%||All tutorials|
|Examination 1||60%||To be advised|
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Microsoft Office 2007.
Calculators (including graphics calculators) may be used in tests and in the exam.
|0||21/02/11||No formal assessment or activities are undertaken in week 0|
|1||28/02/11||Introduction to the course, The role of Management Science in business decision making, Introduction to modelling.|
|2||07/03/11||Linear Programming - Modelling and solving problems by hand.|
|3||14/03/11||Linear Programming - Solving problems using Excel.|
|4||21/03/11||Linear programming - Sensitivity analysis and the interpretation of solutions.||Test during lecture 1.|
|5||28/03/11||Integer Linear Programming.|
|7||11/04/11||Decision making under uncertaintty.||Assignment 1 due 15 April 2011|
|8||18/04/11||Decision Trees. Decision making using sample information.||Test during lecture 2.|
|Mid semester break|
|10||09/05/11||Simulation.||Assignment 2 due 13 May 2011. Test during lecture 3.|
|11||16/05/11||Time Series Analysis and Forecasting.|
|12||23/05/11||Review and revision.||Test during lecture 4.|
|30/05/11||SWOT VAC||No formal assessment is undertaken SWOT VAC|
*Please note that these dates may only apply to Australian campuses of Monash University. Off-shore students need to check the dates with their unit leader.
To pass a unit which includes an examination as part of the assessment a student must obtain:
If a student does not achieve 40% or more in the unit examination or the unit non-examination total assessment, and the total mark for the unit is greater than 50% then a mark of no greater than 49-N will be recorded for the unit
Modelling and formulation
Interpretation of question. Formulation of solution. Correctness of answer.
Assignment coversheets are available via
"Student Forms" on the Faculty website: http://www.infotech.monash.edu.au/resources/student/forms/
You MUST submit a completed coversheet with all assignments, ensuring that the plagiarism declaration section is signed.
You must negotiate any extensions formally with your campus unit leader via the in-semester special consideration process: http://www.infotech.monash.edu.au/resources/student/equity/special-consideration.html.
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You can find Monash's Education Policies at:
Key educational policies include:
The University provides many different kinds of support services for you. Contact your tutor if you need advice and see the range of services available at www.monash.edu.au/students The Monash University Library provides a range of services and resources that enable you to save time and be more effective in your learning and research. Go to http://www.lib.monash.edu.au or the library tab in my.monash portal for more information. Students who have a disability or medical condition are welcome to contact the Disability Liaison Unit to discuss academic support services. Disability Liaison Officers (DLOs) visit all Victorian campuses on a regular basis
Ragsdale C.T. Spreadsheet Modeling & Decision Analysis, 6th edition, Thomson 2011, (Prescribed Textbook).
Anderson, D., Sweeney, D., Williams, T. Quantitative Methods for Business, 8th Edition (or latest edition), 2001, Thomson Learning.
Lapin LL and Whisler WD, "Quantitative Decision Making with Spreadsheet Applications", Seventh Editions, Duxbury Press, 2002
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