ETF3480 Decision modelling for business
Faculty of Business and Economics
ETF3480 Decision modelling for business is a level 3, 6-credit-point, undergraduate unit from the Faculty of Business and Economics, offered in 2024 in Semester 1 at Caulfield. It needs ETF2480.
- Credit points
- 6
- Offered in 2024
- Semester 1
- Caulfield
- Assessment
- Exam 40%
- and 1 other task
- Workload
- 144 hours
- per semester
This is the 2024 handbook entry. See the 2027 entry.
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Requisites
Before ETF3480
Prerequisites
Pass these before you enrol.
After ETF3480
No unit lists ETF3480 as a prerequisite in the 2024 handbook.
Enrolment rules
To be successful in this unit, background knowledge and application of maths is required at the equivalent of VCE Year 12 level. You may have satisfied this by completing relevant prerequisite unit/s, or you have covered relevant topics in your final years of secondary study. You should self-assess your maths competency prior to enrolling in this unit.
Equivalent units
The same content under another code. Only one of them counts.
Overview
This unit is designed to develop quantitative problem solving skills. The emphasis is on recognising and identifying decision problems, modelling them and generating solutions to them. Various optimisation techniques used in the business decision-making process will be introduced. Topics include benchmarking with data envelopment analysis, game theory, queuing models, Markov chains and simulation modelling. Applications in business, particularly in management, marketing, banking and finance will be used in the demonstration.
Offerings in 2024
| Teaching period | Campus | Mode |
|---|---|---|
| First semester | Caulfield | On campus |
Assessment
- Within semester assessment60%
- Examination40%
Learning outcomes
When you finish this unit, you should be able to:
- 1
understand the complementary nature of the rational and behavioural approaches to decision making
- 2
select and apply quantitative modelling concepts to problems arising from business
- 3
formulate an appropriate model to analyse various business decision problems
- 4
apply tools available in Microsoft Excel and algorithms to generate solutions and appraise the solutions through the use of sensitivity analysis
- 5
communicate the analysis and results of business decision problems.
Workload and teaching
- Tutorials18 hours
- Seminars24 hours
- Teaching approachActive learning
Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. You are expected to complete all pre-class activities prior to your scheduled class, and post-class activities should be completed after your scheduled class. Learning activities may include a combination of teacher directed, peer directed and online engagement activities.
This unit engages you in actively applying your knowledge, skills and attributes in interactive, collaborative and reflective activities.
Learning resources
Technology resources
There may be an additional cost associated with purchasing a physical and/or virtual calculator. Specific details will be provided in the Learning Management System by commencement of Orientation week.
Where it fits
ETF3480 is part of 2 areas of study in the 2024 handbook.
Contacts
- Chief Examiners
- Dr Jessica Leung
Common questions
What are the prerequisites for ETF3480?
You need ETF2480 before you enrol. Enrolment rules also apply.
When is ETF3480 offered?
In 2024, ETF3480 runs in Semester 1 at Caulfield.
How much work is ETF3480?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does ETF3480 have an exam?
Yes. The exam is worth 40% of the final mark, alongside 1 other task.
Which majors and minors include ETF3480?
ETF3480 is part of Business analytics and statistics.