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FIT2033: Computer models for business decisions

6 points, SCA Band 2, 0.125 EFTSL

Undergraduate – Unit

Refer to the specific census and withdrawal datesfor the semester(s) in which this unit is offered.

Faculty

Information Technology

Offered

Prerequisites

One of FIT1006, ETW1102, ETS1102 or MAT1097 or equivalent

Prohibitions

FIT2017, ETC2480, GCO2802

Synopsis

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.

Outcomes

On successful completion of this unit, students should be able to:

  1. identify and apply principles of computer modelling to various business problems;
  2. formulate models of a range of real-world business problems, including static and probabilistic problems, and implement them using spreadsheets and other software;
  3. apply and analyse sensitivity analyses of computer models;
  4. interpret the results obtained from computer models and sensitivity analyses, and communicate these results to business and technical audiences;
  5. apply various decision analysis models to enhance individual, business and group decision making;
  6. explain, apply and be able to differentiate between various forecasting techniques with appropriate data.

Assessment

Examination (2 hours plus 30 minutes reading and noting time): 50%; In-semester assessment: 50%

Workload requirements

Minimum total expected workload equals 12 hours per week comprising:

  1. Contact hours for on-campus students:
    • Two hours of lectures
    • One 2-hour laboratory
  2. Study schedule for off-campus students:
    • Off-campus students generally do not attend lecture and tutorial sessions, however should plan to spend equivalent time working through the relevant resources and participating in discussion groups each week.
  3. Additional requirements (all students):
    • A minimum of 8 hours independent study per week for completing lab and project work, private study and revision

Chief examiner(s)

Mr Neil Manson

Additional information on this unit is available from the faculty at:

http://www.infotech.monash.edu.au/units/

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