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Business Decision Analysis (MGMT20005)

Undergraduate level 2Points: 12.5On Campus (Parkville)

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Overview

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Semester 2
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This subject provides both the conceptual frameworks and practical illustrations of business analysis techniques including decision trees, simulation and optimisation. These frameworks will be applied to various decisions faced by organisations, with applications in the areas of entrepreneurship, strategy, operations, marketing and finance.

Intended learning outcomes

Upon successful completion of this subject, students should be able to:

  • Formulate and analyse business decision problems using advanced decision making/modelling techniques such as decision trees, optimisation and simulation
  • Adopt the decision analysis approach with perfect and sample information to develop an optimal strategy and to quantitively analyse decision alternatives using spreadsheets
  • Apply Excel Solver to solve the optimisation models
  • Interpret and analyse the results and solutions of the optimisation models and to investigate the sensitivity of the solutions to the assumptions of decision models.
  • Perform stochastic modelling on spreadsheets; analyse risks using such methods as probability analysis.

Generic skills

Upon successful completion of this subject, students should be able to:

  • Manage decision-analysis teams;
  • Become skilled at managerial decision analysis;
  • Have strong communication skills in decision-analysis contexts.

Last updated: 14 March 2025