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.
Objectives
(a) To acquire the Knowledge and Understanding of:
The role of business decision making in organisations
The decision making lifecycle
Model building techniques
Model solving techniques
Model results presentation and interpretation
The role of interactivity in decision modelling
Popular and leading edge decision modelling tools
(b) To develop the following Attitudes, Values and Beliefs:
Recognise the value of effective decision making within an organisation
Adopt a critical approach to decision models and their use in a business context
Appreciate the value of modelling and simulation as effective decision making tools
Appreciate the limitations of formal decision models and the necessity of post-solution interpretation stage
Appreciate the risks and benefits of interactive computer-centered decision making
(c) To develop the following Practical Skills:
Create interactive decision models
Interpret the results produced at model solving stage
Select an appropriate decision modelling technique
Assess model's limitations
Analyse appropriateness of modelling environments
Use Popular and leading edge decision modelling tools
(d) In addition, it is expected that the following Relationships, Communication and Team Work skills will be developed and enhanced:
Document and communicate a decision model
Work in a team during model design and results interpretation stages
Communicate during, and coordinate the decision making life cycle
Prerequisites
Before attempting this unit you must have satisfactorily completed
FIT1006 or BUS1100 or ETC1000
, or equivalent. You should have knowledge of
Basic knowledge of MS Excel is assumed.
Unit relationships
FIT2017 is a core unit in the Bachelor of Business Information Systems.
You may not study this unit and ETC2480, ETC3480, ETC4348, ETF2480, ETF9480, GCO2802, MAT1097, BUS1110 in your degree.
Texts and software
Required text(s)
Lapin LL and Whisler WD, "Quantitative Decision Making with Spreadsheet Applications", Seventh Edition, Duxbury Press, 2002
Textbook availability
Text books are available from the Monash University Book Shops. Availability from other suppliers cannot be assured. The Bookshop orders texts in specifically for this unit. You are advised to purchase your text book early.
Software requirements
Microsoft Office 2003 or later.
Hardware requirements
Students 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 6 hours per week for use of a computer, including time for newsgroups/discussion groups.
Recommended reading
Anderson, D., Sweeney, D., Williams, T. Quantitative Methods for Business, 8th Edition (or latest edition), 2001, Thomson Learning. (Prescribed Additional Text).
Lapin LL and Whisler WD, "Quantitative Decision Making with Spreadsheet Applications", Seventh Editions, Duxbury Press, 2002
Winston WL and Albright SC, "Practical Management Science: Spreadsheet Modelling and Applications" Third Edition, Duxbury Press, 1997
Albright SC, Winston WL, and Zappe C, "Data Analysis and Decision Making with Microsoft Excel" Duxbury Press, 1999
Ragsdale CT, "Spreadsheet Modelling and Decision Analysis: A Practical Introduction to Management Science", Second Edition, Duxbury Press, 1998
Library access
You may need to access the Monash library either personally to be able to satisfactorily complete the subject. Be sure to obtain a copy of the Library Guide, and if necessary, the instructions for remote access from the library website.
Study resources
Study resources for FIT2017 are:
Printed notes for each lecture.
Tutorial worksheet and printed solutions for each lecture.
Excel spreadsheets, other files, other applications as required.
Selected solutions to exercises.
All downloadable from MUSO.
Structure and organisation
Week
Topics
1
Decision Trees
2
Desision Trees
3
Queuing Models
4
Simulating a Queue
5
Combinatorial Problems
6
Combinatorial Problems
Non teaching week
7
Forecasting
8
Forecasting
9
Inventory Modelling
10
Inventory Modelling
11
Project Management
12
Revision
13
Exam Preparation
Timetable
The timetable for on-campus classes for this unit can be viewed in Allocate+
Assessment
Assessment weighting
Assignments totalling 30%. Written examination 70%.
Assessment Policy
To pass this unit you must:
Students must pass the examination and obtain a weighted average of all assessments greater than 50% to pass the unit.
Your score for the unit will be calculated by:
See above.
Assessment Requirements
Assessment
Due Date
Weighting
Assignment submission dates to be announced during term.
TBA
30%
The exam is 2 hours long and is closed book.
Exam period (S1/07) starts on 07/06/07
70 %
Assignment specifications will be made available On the FIT2017 MUSO site..
Assignment Submission
Physical copies to be submitted in tutorials.
Extensions and late submissions
Late submission of assignments
Assignments received later than one week after the due date will normally not be accepted.
This policy is strict because comments or guidance will be given on assignments as they are returned, and sample solutions may also be published and distributed, after assignment marking or with the returned assignment.
Extensions
It is your responsibility to structure your study program around assignment deadlines, family, work and other commitments. Factors such as normal work pressures, vacations, etc. are seldom regarded as appropriate reasons for granting extensions.
Requests for extensions must be made by email to the unit lecturer at least two days before the due date. You will be asked to forward original medical certificates in cases of illness, and may be asked to provide other forms of documentation where necessary. A copy of the email or other written communication of an extension must be attached to the assignment submission.
Grading of assessment
Assignments, and the unit, will be marked and allocated a grade according to the following scale:
Grade
Percentage/description
HD High Distinction -
very high levels of achievement, demonstrated knowledge and understanding, skills in application and high standards of work encompassing all aspects of the tasks.
In the 80+% range of marks for the assignment.
D Distinction -
high levels of achievement, but not of the same standards. May have a weakness in one particular aspect, or overall standards may not be quite as high.
In the 70-79% range.
C Credit -
sound pass displaying good knowledge or application skills, but some weaknesses in the quality, range or demonstration of understanding.
In the 60-69% range.
P Pass
acceptable standard, showing an adequate basic knowledge, understanding or skills, but with definite limitations on the extent of such understanding or application. Some parts may be incomplete.
In the 50-59% range.
N Not satisfactory
failure to meet the basic requirements of the assessment.
Below 50%.
Assignment return
We will aim to have assignment results made available to you within two weeks after assignment receipt.
Feedback
Feedback to you
You will receive feedback on your work and progress in this unit. This feedback may be provided through your participation in tutorials and class discussions, as well as through your assignment submissions. It may come in the form of individual advice, marks and comments, or it may be provided as comment or reflection targeted at the group. It may be provided through personal interactions, such as interviews and on-line forums, or through other mechanisms such as on-line self-tests and publication of grade distributions.
Feedback from you
You will be asked to provide feedback to the Faculty through a Unit Evaluation survey at the end of the semester. You may also be asked to complete surveys to help teaching staff improve the unit and unit delivery. Your input to such surveys is very important to the faculty and the teaching staff in maintaining relevant and high quality learning experiences for our students.
And if you are having problems
It is essential that you take action immediately if you realise that you have a problem with your study. The semester is short, so we can help you best if you let us know as soon as problems arise. Regardless of whether the problem is related directly to your progress in the unit, if it is likely to interfere with your progress you should discuss it with your lecturer or a Community Service counsellor as soon as possible.
Plagiarism and cheating
Plagiarism and cheating are regarded as very serious offences. In cases where cheating has been confirmed, students have been severely penalised, from losing all marks for an assignment, to facing disciplinary action at the Faculty level. While we would wish that all our students adhere to sound ethical conduct and honesty, I will ask you to acquaint yourself with Student Rights and Responsibilities and the Faculty regulations that apply to students detected cheating as these will be applied in all detected cases.
In this University, cheating means seeking to obtain an unfair advantage in any examination or any other written or practical work to be submitted or completed by a student for assessment. It includes the use, or attempted use, of any means to gain an unfair advantage for any assessable work in the unit, where the means is contrary to the instructions for such work.
When you submit an individual assessment item, such as a program, a report, an essay, assignment or other piece of work, under your name you are understood to be stating that this is your own work. If a submission is identical with, or similar to, someone else's work, an assumption of cheating may arise. If you are planning on working with another student, it is acceptable to undertake research together, and discuss problems, but it is not acceptable to jointly develop or share solutions unless this is specified by your lecturer.
Intentionally providing students with your solutions to assignments is classified as "assisting to cheat" and students who do this may be subject to disciplinary action. You should take reasonable care that your solution is not accidentally or deliberately obtained by other students. For example, do not leave copies of your work in progress on the hard drives of shared computers, and do not show your work to other students. If you believe this may have happened, please be sure to contact your lecturer as soon as possible.
Cheating also includes taking into an examination any material contrary to the regulations, including any bilingual dictionary, whether or not with the intention of using it to obtain an advantage.
Plagiarism involves the false representation of another person's ideas, or findings, as your own by either copying material or paraphrasing without citing sources. It is both professional and ethical to reference clearly the ideas and information that you have used from another writer. If the source is not identified, then you have plagiarised work of the other author. Plagiarism is a form of dishonesty that is insulting to the reader and grossly unfair to your student colleagues.
Communication
Communication methods
Please contact the lecturer or tutor during lectures, tutorials or consultations, or by email.
Notices
Notices related to the unit during the semester will be placed on the Notices Newsgroup in the Unit Website. Check this regularly. Failure to read the Notices newsgroup is not regarded as grounds for special consideration.
Consultation Times
Wednesday 10 - 12.
If direct communication with your unit adviser/lecturer or tutor outside of consultation periods is needed you may contact the lecturer and/or tutors at:
Dr John Betts Senior Lecturer Phone +61 3 990 55804
All email communication to you from your lecturer will occur through your Monash student email address. Please ensure that you read it regularly, or forward your email to your main address. Also check that your contact information registered with the University is up to date in My.Monash.
