|Year of offer||2019|
|Subject level||Graduate coursework|
Term 1 - Online
Term 3 - Online
|Fees||Subject EFTSL, Level, Discipline & Census Date|
This subject will focus on developing students’ understanding of a wide variety of strategic and operational business problems and decisions being faced by managers and decision makers in the fields of financial management, human resource management, marketing management, operations management, and international business management. Students will be shown how to use a range of quantitative approaches to analyze business problems and, based on these analyses, make effective decisions. The subject will take descriptive analytic, predictive analytic, and prescriptive analytic approaches. Students will be expected to be able to calculate and manipulate data as well as interpret the results in order to derive and evaluate alternative solutions to typical business problems.
Intended learning outcomes
On successful completion of this subject, students should be able to:
- Familiarize themselves with the descriptive analytic, predictive analytic, and prescriptive analytic approaches;
- Acquire an understanding of the application of quantitative approaches to management;
- Formulate various business optimization problems as mathematical models, such as linear programming and integer programming;
- Apply the Excel Solver to solve the mathematical models and analyze the solutions;
- Adopt the decision analysis approach with perfect and sample information to develop an optimal strategy;
- Understand the fundamentals of decision making under uncertainty;
- Recognize the role of probability and probability distributions in evaluating alternative courses of action;
- Analyze past trend in an effort to predict the future by using the regression analysis approaches.
Problem solving skills through application of theory to practice in the field of operations research/management science.