Handbook

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.