ETF5248 Optimisation for business
Faculty of Business and Economics
ETF5248 Optimisation for business is a level 5, 6-credit-point, postgraduate unit from the Faculty of Business and Economics, offered in 2023 in Semester 2 at Caulfield. It needs ETB1100, ETF1100, ETX5900, FIT1006, STA1010, ETC1000, ETW1001, SCI1020 or ETX1100.
- Credit points
- 6
- Offered in 2023
- Semester 2
- Caulfield
- Assessment
- Exam 50%
- and 1 other task
- Workload
- 144 hours
- per semester
This is the 2023 handbook entry. See the 2027 entry.
Reviews
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Requisites
Before ETF5248
Prerequisites
Pass these before you enrol.
- ETB1100Business statisticsNo reviews yet
- ETF1100Business statisticsNo reviews yet
- ETX5900Business statisticsNo reviews yet
- FIT1006Business information analysisNo reviews yet
- STA1010Statistical methods for scienceNo reviews yet
- ETC1000Business and economic statisticsNo reviews yet
- ETW1001Introduction to statistical analysisNo reviews yet
- SCI1020Introduction to statistical reasoningRated 5.0 out of 5 from 1 review
- ETX1100Business statisticsNo reviews yet
Prohibitions
You can't enrol if you have passed any of these.
After ETF5248
No unit lists ETF5248 as a prerequisite in the 2023 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
The ability to understand and mathematically formulate decision problems is a fundamental skill for managers in any organisation. This unit serves as an introduction to various optimisation techniques that are essential in business operations. You will learn to approach complex real-life problems, formulate appropriate models and compute solutions that offer managerial insights in various applications such as capacity planning, production management, and resource allocation. Methods include linear programming, integer programming and non-linear programming. Applications in management, marketing, accounting, finance and related fields are emphasised.
Offerings in 2023
| Teaching period | Campus | Mode |
|---|---|---|
| Second semester | Caulfield | On campus |
Assessment
- Within semester assessment50%
- ExaminationThreshold hurdle50%
Learning outcomes
When you finish this unit, you should be able to:
- 1
select the appropriate basic optimisation models according to the business context
- 2
formulate the optimisation problem for management decision making
- 3
identify the potential limitations of the models and suggest creative solutions to overcome model weaknesses
- 4
provide interpretations and managerial insights according to the solution of the optimisation problem
- 5
implement and solve the optimisation model using scalable software.
Workload and teaching
- Seminars24 hours
- Tutorials18 hours
- Teaching approachCase-based teaching
- 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. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.
This unit includes case-based teaching, where you apply your knowledge and engage in analytical and reflective thinking to solve complex contextual scenarios. Activities are often designed so that there is not one clear answer, but you need to work together to examine, analyse and make decisions to resolve the situation.
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.
Contacts
- Chief Examiners
- Dr Jessica Leung
Common questions
What are the prerequisites for ETF5248?
You need ETB1100, ETF1100, ETX5900, FIT1006, STA1010, ETC1000, ETW1001, SCI1020 or ETX1100 before you enrol. Enrolment rules also apply.
When is ETF5248 offered?
In 2023, ETF5248 runs in Semester 2 at Caulfield.
How much work is ETF5248?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does ETF5248 have an exam?
Yes. The exam is worth 50% of the final mark, alongside 1 other task.