ETC2480
Business modelling methods
Unit Guide
Semester 2, 2015
Copyright © Monash University 2014. All rights reserved. Except as provided in the Copyright Act 1968,
this work may not be reproduced in any form without the written permission of the host Faculty and
School/Department.
The information contained in this unit guide is correct at time of publication. The University has the right
to change any of the elements contained in this document at any time.
Last updated: 16 Jul 2015
Table of Contents
ETC2480 Business modelling methods - Semester 2, 2015..................................................................1
Mode of Delivery..............................................................................................................................1
Workload requirements....................................................................................................................1
Additional workload requirements........................................................................................1
Unit Relationships........................................................................................................................................1
Prerequisites....................................................................................................................................1
Prohibitions......................................................................................................................................1
Chief Examiner(s)........................................................................................................................................1
Campus Lecturer(s).....................................................................................................................................1
Tutor(s)........................................................................................................................................................2
Clayton.............................................................................................................................................2
Your feedback to Us....................................................................................................................................2
Previous Student Evaluations of this Unit....................................................................................................2
Academic Overview...................................................................................................................................3
Learning Outcomes.........................................................................................................................3
Unit Schedule.............................................................................................................................................4
Teaching Approach..........................................................................................................................4
Assessment Summary.....................................................................................................................4
Hurdle Requirements...........................................................................................................5
Second marking...................................................................................................................5
Return of final marks............................................................................................................5
Assessment criteria..............................................................................................................5
Assessment Requirements......................................................................................................................6
Assessment Tasks...........................................................................................................................6
Participation.........................................................................................................................6
Assessment task 1...............................................................................................................6
Assessment task 2...............................................................................................................6
Examination(s).............................................................................................................................................6
Examination 1..................................................................................................................................6
Learning resources......................................................................................................................................7
Feedback to you..........................................................................................................................................7
Extensions and penalties.............................................................................................................................7
Resubmission of assignments.....................................................................................................................7
Assignment submission...............................................................................................................................7
Online submission...........................................................................................................................7
Recommended text(s) and readings................................................................................................7
Other Information......................................................................................................................................9
Policies............................................................................................................................................9
Graduate Attributes Policy...................................................................................................9
Student Charter...........................................................................................................................................9
Student services..........................................................................................................................................9
Monash University Library...........................................................................................................................9
Moodle 2....................................................................................................................................................10
Disability Liaison Unit................................................................................................................................10
ETC2480 Business modelling methods - Semester 2, 2015
This unit provides an introduction to business modelling. It examines how to systematically build,
evaluate and implement both predictive and prescriptive models of common business processes, with
the aim of supporting management in their role as decision-makers. Emphasis is placed on quantitative
methods required to optimise outcomes, with due consideration given to the need to systematically
address risk when it occurs.
Mode of Delivery
Clayton (Day)
Workload requirements
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.
See also Unit timetable information
Additional workload requirements
6 credit points, student time commitment (6 points = 12 hours per week), including two 1-hour lectures
and one 2-hour computer tutorial class per week.
Unit Relationships
Prerequisites
ETC1000
Prohibitions
BUS2020, ETF2480, ETW2480
Chief Examiner(s)
Associate Professor Ralph Snyder
Campus Lecturer(s)
1
ETC2480 Business modelling methods - Semester 2, 2015
Tutor(s)
Clayton
Mrs Alpana Trivedi
Campus: Caulfield
Phone: +61 3 990 34585
Email: Alpana.Trivedi@monash.edu
Your feedback to Us
Monash is committed to excellence in education and regularly seeks feedback from students, employers
and staff. One of the key formal ways students have to provide feedback is through the Student
Evaluation of Teaching and Units (SETU) survey. The University’s student evaluation policy requires that
every unit is evaluated each year. Students are strongly encouraged to complete the surveys. The
feedback is anonymous and provides the Faculty with evidence of aspects that students are satisfied
and areas for improvement.
For more information on Monash’s educational strategy, see:
www.monash.edu.au/about/monash-directions/ and on student evaluations, see:
www.policy.monash.edu/policy-bank/academic/education/quality/student-evaluation-policy.html
Previous Student Evaluations of this Unit
If you wish to view how previous students rated this unit, please go to
https://emuapps.monash.edu.au/unitevaluations/index.jsp
2
Academic Overview
Learning Outcomes
The learning goals associated with this unit are to:
1. understand common applications of business modelling in operations management, supply
management, finance and project management
2. formulate and solve business problems with quantitative methods such as linear, non-linear and
integer programming
3. address decision problems, involving risk and uncertainty, using Monte Carlo simulation
4. acquire greater proficiency in advanced aspects of spreadsheet software, given the dominant
place of this technology in business decision-making.
3
Unit Schedule
Week
Activities
Assessment
0
No formal assessment or activities are
undertaken in week 0
1
Optimisation with a single decision variable
Weekly question
2
Economic and financial principles
Weekly question
3
Decision making under risk â an introduction
Weekly question
4
Decision making under risk â probabilistic approaches Weekly question
5
Optimisation with independent decision variables
Weekly question;Test 1 - Topics 1-3
6
Optimisation with dependent decision variables
Weekly question
7
Optimisation with inequality constraints
Weekly question
8
Prototype optimisation problems
Weekly question; Test 2 - Topics 4-6
9
Optimisation with integer variables
Weekly question
10
Inventory control
Weekly question
11
Bottlenecks and queues
Test 3 - Topics 7-9
12
Practice and challenges
SWOT VAC
No formal assessment is undertaken
SWOT VAC
Examination period
LINK to Assessment Policy:
http://policy.monash.edu.au/policy-bank/
academic/education/assessment/
assessment-in-coursework-policy.html
Teaching Approach
Lectures and problem classes
Assessment Summary
Within semester assessment: 40%
Examination: 60%
Assessment
Task
Tests
Value
Best two of three tests are worth 30% of the
final assessment
Due Date
Test 1 (week 5); test 2 (week 8);
test 3 (week 11)
Weekly question Best eight weekly questions are worth 10% of
the final assessment.
Each Friday 1:00 PM
Examination 1
To be advised
60%
4
Unit Schedule
Hurdle Requirements
The learning outcomes in this unit require students to demonstrate in the final summative assessment
task a comprehensive understanding of the topics covered in this unit. This is demonstrated by the
requirement that the student must attain a mark of 40% in the final summative assessment task.
A student's final mark is normally the sum of the marks obtained in all of the assessment tasks in the
unit. Where a student fails the unit solely because of failure to satisfy the hurdle requirement, a mark of
48 will be returned for the unit.
Second marking
Where an assessment task is given a fail grade by an examiner, that piece of work will be marked again
by a second examiner who will independently evaluate the work, and consult with the first marker. No
student will be awarded a fail grade for an assessment task or unit without a second examiner confirming
the result.
Note: Exceptions to this are individual pieces of assessment contributing 10% or less of the final mark,
unless the total of such pieces exceeds 30% of the final mark.
Return of final marks
Faculty policy states that 'the final mark that a student receives for a unit will be determined by the Board
of Examiners on the recommendation of the Chief Examiner taking into account all aspects of
assessment'.
The final mark for this unit will be released by the Board of Examiners on the date nominated in the
Faculty Calendar. Student results will be accessible through the my.monash portal.
Assessment criteria
Assessment Criteria Grading Descriptors available at:
http://www.policy.monash.edu/policy-bank/academic/education/assessment/
5
Assessment Requirements
Assessment Tasks
Participation
Best 8 weekly questions - 10% of your overall result
Best 2 of 3 tests taken during tutorials - 30% of your overall assessment
•
Assessment task 1
Title:
Tests
Due date:
Test 1 (week 5); test 2 (week 8); test 3 (week 11)
Details of task:
Test 1: covers topics 1-3
Test 2: covers topics 4-6
Test 3: covers topics 7-9
Weighting/Value:
Best two of three tests are worth 30% of the final assessment
Estimated return date:
•
Assessment task 2
Title:
Weekly question
Due date:
Each Friday 1:00 PM
Details of task:
Submit a question each week as inline text in Moodle about that part of the forthcoming
topic which you find most difficult to understand.
Weighting/Value:
Best eight weekly questions are worth 10% of the final assessment.
Estimated return date:
Examination(s)
• Examination 1
Weighting:
60%
Length:
2 hours
Type (open/closed book):
Closed book
6
Assessment Requirements
Electronic devices allowed in the exam:
None
Remarks:
Students choose any three of four questions. All questions have the same allocated
marks. This examination will be held during the official examination period. The
examination timetable which provides full details of the examination schedule can be
access through the my.monash.portal.
The exam is closed book. Any approved calculator is permitted.
Learning resources
Monash Library Unit Reading List (if applicable to the unit)
http://readinglists.lib.monash.edu/index.html
Feedback to you
Types of feedback you can expect to receive in this unit are:
• Informal feedback on progress in labs/tutes
• Test results and feedback
• Solutions to tutes, labs and assignments
Extensions and penalties
Extensions will not normally be granted.
Resubmission of assignments
Tests will normally be returned one week after they are conducted.
Assignment submission
Online submission
Weekly questions will be submitted electonically using Moodle.
Recommended text(s) and readings
(Ragsdale) Cliff. T. Ragsdale, Spreadsheet Modelling & Decision Analysis: A Practical Introduction to
Business Analytics, Centage Learning, Seventh Edition
This text is recommend rather than required
(Baumol) William J Baumol, Economic Theory and Operations Analysis, Fourth Editiion.
(Chiang) Alpha C. Chiang and Kevin Wainwright, Fundamental Methods of Mathematical Economics,
McGraw-Hill, Fourth Edition
7
Assessment Requirements
(Peirson) Graham Pierson et al, Business Finance, McGraw-Hill 2012
8
Other Information
Policies
Monash has educational policies, procedures and guidelines, which are designed to ensure that staff and
students are aware of the University’s academic standards, and to provide advice on how they might
uphold them. You can find Monash’s Education Policies at:
www.policy.monash.edu.au/policy-bank/academic/education/index.html
Key educational policies include:
• Student Academic Integrity Policy and Student Academic Integrity: Managing Plagiarism and
Collusion Procedures ;
• Assessment in Coursework Programs;
• Special Consideration;
• Grading Scale;
• Discipline: Student Policy;
• Academic Calendar and Semesters;
• Orientation and Transition; and
• Academic and Administrative Complaints and Grievances Policy.
Graduate Attributes Policy
http://www.policy.monash.edu/policy-bank/academic/
education/management/monash-graduate-attributes-policy.html
Student Charter
www.opq.monash.edu.au/ep/student-charter/monash-university-student-charter.html
Student services
The University provides many different kinds of support services for you. Contact your tutor if you need
advice and see the range of services available at http://www.monash.edu.au/students
You can also access important information from the Faculty of Business and Economics current students
page http://www.buseco.monash.edu.au/student/
Caulfield and Clayton students wishing to further develop English language skills in a fun group
environment can join a Conversational English Program. You can access these programs at
http://www.monash.edu/students/conversational-english/
Monash University Library
The Monash University Library provides a range of services, resources and programs that enable you to
save time and be more effective in your learning and research. Go to www.lib.monash.edu.au or the
library tab in my.monash portal for more information.
9
Other Information
Moodle 2
All unit and lecture materials, plus other information of importance to students, are available through the
virtual learning environment Moodle site. You can access Moodle via the my.monash portal.
Where to go for help
If you're stuck, confused or simply not sure how to approach Moodle, there are a number of Moodle
resources that you can tap into.
Disability Liaison Unit
Students who have a disability or medical condition are welcome to contact the Disability Liaison Unit to
discuss academic support services. Disability Liaison Officers (DLOs) visit all Victorian campuses on a
regular basis.
• Website: http://www.monash.edu/equity-diversity/disability/index.html
• Telephone: 03 9905 5704 to book an appointment with a DLO;
• Email: dlu@monash.edu
• Drop In: Equity and Diversity Centre, Level 1, Building 55, Clayton Campus.
10