FIT3158 Business decision modelling
Faculty of Information Technology
FIT3158 Business decision modelling is a level 3, 6-credit-point, undergraduate unit from the Faculty of Information Technology, offered in 2023 in Semester 2 at Clayton. It needs ETS1102, FIT1006, STA1010, ETF1100 or ETC1000.
- Credit points
- 6
- Offered in 2023
- Semester 2
- Clayton
- Assessment
- No exam
- 4 tasks
- Workload
- 144 hours
- per semester
This is the 2023 handbook entry. See the 2027 entry.
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Requisites
Before FIT3158
Prerequisites
Pass these before you enrol.
Prohibitions
You can't enrol if you have passed any of these.
After FIT3158
No unit lists FIT3158 as a prerequisite in the 2023 handbook.
Enrolment rules
Prerequisite: And completion of 24 points at Level 1 from FIT or BusEco
Overview
The objective of this unit is to introduce students to quantitative modelling techniques commonly used for business decision making. This includes the analytical methods used to understand, model and design business processes, and the application of IT tools to real-world decision making situations. Techniques covered include decision making under uncertainty, linear and nonlinear programming, sequential decision making, forecasting, and simulation.
On 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. Students will also be made aware of simulation software as a tool for analysing business processes.
Offerings in 2023
| Teaching period | Campus | Mode |
|---|---|---|
| Second semester | Clayton | On campus |
Assessment
- Assignment 1Assignment30%
- Assignment 2Assignment30%
- Assignment 3Assignment25%
- QuizzesIn class test15%
Learning outcomes
When you finish this unit, you should be able to:
- 1
Develop interactive decision models for business analysis and business process improvements;
- 2
Design and implement and analyse spreadsheet-based simulations and mathematical optimisation models;
- 3
Interpret the results of mathematical decision models and conduct sensitivity analyses;
- 4
Critically assess the accuracy and applicability of modelling techniques;
- 5
Communicate the results of model-based decision analysis.
Workload and teaching
- Applied sessions22 hours
- Seminars24 hours
- Teaching approachActive learning
Applied sessions start from Week 2.
Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled online and face to face learning activities and independent study. Independent study may include associated reading and preparation for scheduled teaching activities.
Learning resources
Recommended resources
Analytics 2nd Ed, Cengage Learning 2017.
Powell, S. and Baker, K., Business
Analytics: The Art of Modeling With
Spreadsheets, 5th Ed, Wiley 2016.
Anderson D., et al, Quantitative Methods
2015.
Where it fits
FIT3158 is part of 1 area of study in the 2023 handbook.
Contacts
- Chief Examiners
- Associate Professor David Dowe
- Unit Coordinators
- Heshan Kumarage
Common questions
What are the prerequisites for FIT3158?
You need ETS1102, FIT1006, STA1010, ETF1100 or ETC1000 before you enrol. Enrolment rules also apply.
When is FIT3158 offered?
In 2023, FIT3158 runs in Semester 2 at Clayton.
How much work is FIT3158?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does FIT3158 have an exam?
No. FIT3158 has 4 assessment tasks and no exam.
Which majors and minors include FIT3158?
FIT3158 is part of Business information systems.