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.
Minimum total expected workload equals 12 hours per week comprising:
(a.) Contact hours for on-campus students:
(b.) Additional requirements (all students):
See also Unit timetable information
ETC2480, ETC3480, ETC4348, ETF2480, ETF9480, GCO2802, MAT1097, BUS1110
FIT1006 or BUS1100 or ETC1000 or STA1010
Basic knowledge of MS Excel is assumed.
Mark Carman
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 the Student Evaluation of Teaching and Units (SETU) survey. 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, see:
www.monash.edu.au/about/monash-directions/ and on student evaluations, see: www.policy.monash.edu/policy-bank/academic/education/quality/student-evaluation-policy.html
Last year we trialled short, 15 minute, tests on a single topic during lectures. Students preferred this to a single, one hour test. We will retain the short tests this year. Students last year also indicated that they enjoyed more case-oriented problems. More of these will be incorporated into the course this year. We will also continue to develop the process of modelling as a pursuit in its own right.
If you wish to view how previous students rated this unit, please go to
https://emuapps.monash.edu.au/unitevaluations/index.jsp
| Week | Activities | Assessment |
|---|---|---|
| 0 | No formal assessment or activities are undertaken in week 0 | |
| 1 | Introduction to the course, The role of Management Science in business decision making, Introduction to modelling. | Tutorial Participation assessed Weekly |
| 2 | Linear Programming - Modelling and solving problems by hand. | |
| 3 | Linear Programming - Solving problems using Excel. | |
| 4 | Linear programming - Sensitivity analysis and the interpretation of solutions. | Test during lecture 1 |
| 5 | Integer Linear Programming. | |
| 6 | Inventory Modelling. | |
| 7 | Decision making under uncertainty. | Assignment 1 due 24 April 2015 |
| 8 | Decision Trees. Decision making using sample information. | Test during lecture 2 |
| 9 | Queuing Theory. | |
| 10 | Simulation. | Assignment 2 due 15 May 2015 |
| 11 | Time Series Analysis and Forecasting. | Test during lecture 3 |
| 12 | Review and revision. | Test during lecture 4 |
| 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 learning system.
Examination (2 hours): 60%; In-semester assessment: 40%
| Assessment Task | Value | Due Date |
|---|---|---|
| Assignment 1 | 15% | 24 April 2015 |
| Assignment 2 | 5% | 15 May 2015 |
| Tests during class | 10% in total | Weeks 4, 8, 11 and 12 during lecture |
| Tutorial Participation | 10% | Weekly (all tutorials) |
| Examination 1 | 60% | To be advised |
Faculty Policy - Unit Assessment Hurdles (http://intranet.monash.edu.au/infotech/resources/staff/edgov/policies/assessment-examinations/assessment-hurdles.html)
Academic Integrity - Please see resources and tutorials at http://www.monash.edu/library/skills/resources/tutorials/academic-integrity/
Criteria include:
Criteria include:
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", 7th Edition, 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" 3rd Edition, Duxbury Press, 1997
Monash Library Unit Reading List (if applicable to the unit)
http://readinglists.lib.monash.edu/index.html
Types of feedback you can expect to receive in this unit are:
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.monash.edu.au/exams/special-consideration.html
It is a University requirement (http://www.policy.monash.edu/policy-bank/academic/education/conduct/student-academic-integrity-managing-plagiarism-collusion-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 electronic submission). Please note that it is your responsibility to retain copies of your assessments.
If Electronic Submission has been approved for your unit, please submit your work via the learning system for this unit, which you can access via links in the my.monash portal.
Please check with your lecturer before purchasing any Required Resources. Limited copies of prescribed texts are available for you to borrow in the library, and prescribed software is available in student labs.
Microsoft Office 2007.
Limited copies of prescribed texts are available for you to borrow in the library.
Ragsdale. (2011). Spreadsheet Modeling and Decision Analysis. (6th Edition) Thomson Learning.
Calculators (including graphics calculators) may be used in tests and in the exam.
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: www.policy.monash.edu.au/policy-bank/academic/education/index.html
Important student resources including Faculty policies are located at http://intranet.monash.edu.au/infotech/resources/students/
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 http://www.monash.edu.au/students. For Malaysia see http://www.monash.edu.my/Student-services, and for South Africa see http://www.monash.ac.za/current/.
The Monash University Library provides a range of services, resources and programs that enable you to save time and be more effective in your learning and research. Go to www.lib.monash.edu.au or the library tab in my.monash portal for more information. At Malaysia, visit the Library and Learning Commons at http://www.lib.monash.edu.my/. At South Africa visit http://www.lib.monash.ac.za/.