This unit examines the principles and applications of business modelling, how a business system is used as a key component of the broad decision support system or DSS. At the completion of the subject the student should understand some of the most commonly used computer modelling techniques used in business and industry and be familiar with the applications of these techniques to the solution of business related problems. Topics will include the fundamental breakeven analysis, various types of linear programming, network models, various aspects of decision making, waiting lines systems, Monte Carlo simulation and forecasting techniques.
2 hrs lectures/wk, 2 hrs laboratories/wk
For on campus students, workload commitments per week are:
Lectures: 2 hours per week
Tutorials/Lab Sessions: 2 hours per week per tutorial (lab based, advance preparation is required)
and up to an additional 8 hours in some weeks for completing lab and project work, private study and revision.
Off-campus students generally do not attend lecture and tutorial sessions, however, you MUST spend equivalent time working through the relevant resources and participating in discussion groups each week.
One of FIT1006, ETW1102 or MAT1097 or equivalent.
Dr. Madhu Chetty
Neil Manson
Madhu Chetty
Neil Manson
At the completion of this unit students will have -
A knowledge and understanding of:
Examination (3 hours): 60%; In-semester assessment: 40%
| Assessment Task | Value | Due Date |
|---|---|---|
| Assignment 1 | 20% | Week 6 |
| Assignment 2 | 20% | Week11 |
| Examination 1 | 60% | To be advised |
Monash is committed to excellence in education and regularly seeks feedback from students, employers and staff. One of the key formal ways students have to provide feedback is through SETU, Student Evaluation of Teacher and Unit. The University's student evaluation policy requires that every unit is evaluated each year. Students are strongly encouraged to complete the surveys. The feedback is anonymous and provides the Faculty with evidence of aspects that students are satisfied and areas for improvement.
For more information on Monash's educational strategy, and on student evaluations, see:
http://www.monash.edu.au/about/monash-directions/directions.html
http://www.policy.monash.edu/policy-bank/academic/education/quality/student-evaluation-policy.html
If you wish to view how previous students rated this unit, please go to
https://emuapps.monash.edu.au/unitevaluations/index.jsp
Text Book:
Taylor, B.W. III, Introduction to Management Science, 10th edition, Prentice Hall, 2010,
ISBN-10: 013-245757-1 or
ISBN-13: 978-0-13-245757-6.
The three Excel based software packages: Excel QM, Crystal Ball and TreePlan are included in the prescribed text book.
Refer to FIT2033 unit website
| Week | Activities | Assessment |
|---|---|---|
| 0 | No formal assessment or activities are undertaken in week 0 | |
| 1 | Introduction and Breakeven Analysis (Ref: Study Guide SG1, Chap 1 of Text Book) | |
| 2 | Linear Programming ((Ref: Study Guide SG2; Chap 2 of Text book) | |
| 3 | Linear Programming: Computer Solution and Sensitivity Analysis ((Ref: Study Guide SG3; Chap. 3&4 of Text book) | |
| 4 | Integer Programming (Ref: Study Guide SG4; Chap.5 of Text book) | |
| 5 | Transportation and Assignment Problems (Ref: Study Guide SG5; Chap. 6 of Text book) | |
| 6 | Shortest Path and Minimal Spanning Tree Problems (Ref: Study Guide SG6; Chap 7 of Text book) | Assignment 1 Due, Week 6 |
| 7 | Multicriteria Decision Making (Ref: Study Guide SG7; Chap 9 of Text book) | |
| 8 | Decision Making Theory (Ref: Study Guide SG8; Chap 11&12 of Text book) | |
| 9 | Decision Tree (Ref: Study Guide SG9; Chap 11&12 of Text book) | |
| 10 | Queuing Analysis (Ref: Study Guide SG10; Chap 13 of Text book) | |
| 11 | Monte Carlo Simulation (Ref: Study Guide SG11; Chap 14 of Text book) | Assignment 2 Due, Week 11 |
| 12 | Forecasting (Ref: Study Guide SG12; Chap 15 of Text book) | |
| SWOT VAC | No formal assessment is undertaken in SWOT VAC | |
| Examination period | LINK to Assessment Policy: http://policy.monash.edu.au/policy-bank/ academic/education/assessment/ assessment-in-coursework-policy.html |
*Unit Schedule details will be maintained and communicated to you via your MUSO (Blackboard or Moodle) learning system.
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
This assignment will consist of a number of business problems. The solution to each problem will be assessed according to the following criteria:
This assignment will consist of a number of business problems. The solution to each problem will be assessed according to the following criteria:
It is a University requirement (http://www.policy.monash.edu/policy-bank/academic/education/conduct/plagiarism-procedures.html) for students to submit an assignment coversheet for each assessment item. Faculty Assignment coversheets can be found at http://www.infotech.monash.edu.au/resources/student/forms/. Please check with your Lecturer on the submission method for your assignment coversheet (e.g. attach a file to the online assignment submission, hand-in a hard copy, or use an online quiz).
Submission must be made by the due date otherwise penalties will be enforced.
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.
Monash has educational policies, procedures and guidelines, which are designed to ensure that staff and students are aware of the University's academic standards, and to provide advice on how they might uphold them.
You can find Monash's Education Policies at:
http://policy.monash.edu.au/policy-bank/academic/education/index.html
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
Recommended text(s) and readings
1. D. R. Anderson, D. J. Sweeney and T. A. Williams, An Introduction to Management Science, Thomson Leaning, 2005.
2. W. L. Winston, S. C. Albright and M. Broadie, Practical Management Science, 2nd edition, Dusbury, 2001.
3. J. A. Lawrence Jr. and B. A. Pasternack, Applied Management Science, John Wiley & Sons Inc. 1998.
Equipment and consumables required or provided
On-campus students, and those studying at supported study locations may use the facilities available in the computing labs. Information about computer use for students is available from the ITS Student Resource Guide in the Monash University Handbook. You will need to allocate up to 5 hours per week in some weeks for use of a computer, including time for newsgroup access and discussion groups.
Students studying off-campus are required to have the minimum system configuration specified by the
Faculty as a condition of accepting admission, and regular Internet access.
Study resources
Study resources we will provide for your study are:
• A online Unit Book containing 12 Study Guides
• This Unit Guide outlining the administrative information for the unit
• The FIT2033 web site on Moodle, where lecture slides, weekly tutorial requirements, assignment specifications and sample solutions will be posted
• Newsgroups that can be linked to from the Unit web site
• Access to past exam papers