Skip to the content | Change text size
PDF unit guide

FIT2033 Computer models for business decisions - Semester 2, 2011

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.

Mode of Delivery

  • Gippsland (Day)
  • Gippsland (Off-campus)
  • South Africa (Day)

Contact Hours

2 hrs lectures/wk, 2 hrs laboratories/wk

Workload

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.

Unit Relationships

Prohibitions

FIT2017, ETC2480, GCO2802

Prerequisites

One of FIT1006, ETW1102 or MAT1097 or equivalent.

Chief Examiner

Campus Lecturer

Gippsland

Dr. Madhu Chetty

South Africa

Neil Manson

Tutors

Gippsland

Madhu Chetty

South Africa

Neil Manson

Academic Overview

Learning Objectives

At the completion of this unit students will have -

A knowledge and understanding of:

  • principles and applications of business models in decision support systems;
  • cost analysis using breakeven technique;
  • main approaches to deal with decision making problems in business;
  • widely used linear programming tools;
  • carrying out sensitivity analysis using computer software on a series of problems;
  • queuing theory and simulation techniques;
  • concepts of different types of forecasting;
  • common optimisation methods for business applications;
  • methodology to solve typical network problems using network flow models.

Developed attitudes that enable them to:
  • recognise the potential 0f efficiency and productivity gains through the use of technologies;
  • develop interest and expertise in formulation of real world problems and solving them by computer models.

Developed the skills in:
  • the application of spreadsheets such as EXCEL in formulation and solving common business problems;
  • use of advanced software such as Excel QM, TreePlan, CrystalBall program;
sensitivity analysis by use of computer models.

Demonstrated the communication skills necessary to:
  • meet peer students and professionals with variety of business expertise;
  • participate in group discussion and team work solutions to business problems.

Graduate Attributes

Monash prepares its graduates to be:
  1. responsible and effective global citizens who:
    1. engage in an internationalised world
    2. exhibit cross-cultural competence
    3. demonstrate ethical values
  2. critical and creative scholars who:
    1. produce innovative solutions to problems
    2. apply research skills to a range of challenges
    3. communicate perceptively and effectively

Assessment Summary

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

Teaching Approach

Lecture and tutorials or problem classes
This teaching and learning approach provides facilitated learning, practical exploration and peer learning

Feedback

Our feedback to You

Types of feedback you can expect to receive in this unit are:
  • Informal feedback on progress in labs/tutes
  • Graded assignments with comments
  • Solutions to tutes, labs and assignments

Your feedback to Us

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

Previous Student Evaluations of this unit

If you wish to view how previous students rated this unit, please go to
https://emuapps.monash.edu.au/unitevaluations/index.jsp

Required Resources

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.

Recommended Resources

The three Excel based software packages: Excel QM, Crystal Ball and TreePlan are included in the prescribed text book.

Examination material or equipment

Refer to FIT2033 unit website

Unit Schedule

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.

Assessment Requirements

Assessment Policy

To pass a unit which includes an examination as part of the assessment a student must obtain:

  • 40% or more in the unit's examination, and
  • 40% or more in the unit's total non-examination assessment, and
  • an overall unit mark of 50% or more.

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

Assessment Tasks

Participation

  • Assessment task 1
    Title:
    Assignment 1
    Description:
    Assessment of Study Guides 1-6
    Weighting:
    20%
    Criteria for assessment:

    This assignment will consist of a number of business problems. The solution to each problem will be assessed according to the following criteria:

    • How well the business problem has been understood
    • How well the given business problem has been formulated into a mathematical model
    • The accuracy with which the mathematical model has been coded up as a spreadsheet model
    • The clarity and neatness of the presentation of the spreadsheet model
    • The degree to which the spreadsheet model implements good design techniques
    • The degree to which the model constructed is an accurate reflection of the given business problem
    • The effective and accurate use of appropriate solution techniques to solve the resultant spreadsheet model
    • The clarity and quality of presentation of the final solution, and the degree to which it solves the initial business problem
    Due date:
    Week 6
  • Assessment task 2
    Title:
    Assignment 2
    Description:
    Assessment of Study Guides 7-12.
    Weighting:
    20%
    Criteria for assessment:

    This assignment will consist of a number of business problems. The solution to each problem will be assessed according to the following criteria:

    • How well the business problem has been understood
    • How well the given business problem has been formulated into a mathematical model
    • The accuracy with which the mathematical model has been coded up as a spreadsheet model
    • The clarity and neatness of the presentation of the spreadsheet model
    • The degree to which the spreadsheet model implements good design techniques
    • The degree to which the model constructed is an accurate reflection of the given business problem
    • The effective and accurate use of appropriate solution techniques to solve the resultant spreadsheet model
    • The clarity and quality of presentation of the final solution, and the degree to which it solves the initial business problem
    Due date:
    Week11

Examinations

  • Examination 1
    Weighting:
    60%
    Length:
    3 hours
    Type (open/closed book):
    Closed book
    Electronic devices allowed in the exam:
    None

Assignment submission

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).

Extensions and penalties

Returning assignments

Other Information

Policies

Student services

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