Courses & Units

Analytical Methods for Decision-Making JNB252

Launceston

Note:

Introduction

This unit introduces students to both quantitative and qualitative methods and their applications to decision-making in business management. The unit covers data analysis techniques around data presentation and interpretation, estimation, sampling, hypothesis testing and regression analysis, but it also broadly discussed decision analysis and decision making under uncertainty.

Decision-making is one of the most important and challenging tasks that business managers must do. A correct decision is hard to make without an appropriate analysis of information available. This unit introduces basic analytical methods as essential tools used to assist decision-making in business management. Some real-world examples on how analytical methods can assist business managers in decision making are: making decisions under uncertainty, scenario analysis, forecasting market demand, sales revenue, profit and freight rates, monitoring product quality, and choosing the optimal combination of production inputs.

Depending on the tasks and information available, the methods vary considerably. A substantial part of this unit concerns the application of statistical methods to decision-making, but it also gravitates heavily around modern decision-making techniques based on quantitative methods. You will learn how to collect, process and analyse data in order to assist decision making. You will learn a lot on decisions under risk and the techniques to rank alternatives modelled as trees, tables and lotteries.

Because this unit discusses the use of analytical tools in business management, practical applications are the main focus, and learning progress is made through practical exercises. Most exercises require calculations with the use of computers, calculators or other computational tools. Having said this, what you really need to learn are the methods rather than calculation skills. While some may find this unit challenging, its knowledge is essential for the study of final year units such as Port and Terminal Management and Transport Research Project.

Summary

Unit name Analytical Methods for Decision-Making
Unit code JNB252
Credit points 12.5
Faculty/School College of Sciences and Engineering
Australian Maritime College
Discipline Maritime and Logistics Management
Coordinator

Prof Natalia Nikolova

Teaching staff

Level Intermediate
Available as student elective? Yes
Breadth Unit? No

Availability

Location Study period Attendance options Available to
Launceston Semester 2 On-Campus Off-Campus International International Domestic Domestic

Key

On-campus
Off-Campus
International students
Domestic students
Note

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Key Dates

Study Period Start date Census date WW date End date
Semester 2 13/7/2020 10/8/2020 31/8/2020 18/10/2020

* The Final WW Date is the final date from which you can withdraw from the unit without academic penalty, however you will still incur a financial liability (see withdrawal dates explained for more information).

Unit census dates currently displaying for 2020 are indicative and subject to change. Finalised census dates for 2020 will be available from the 1st October 2020.

About Census Dates

Fees

Domestic

Band CSP Student Contribution Full Fee Paying (domestic) Field of Education
2 2019: $1,169.00 2019: $2,549.00 010103

Fees for next year will be published in October. The fees above only apply for the year shown.

Please note: international students should refer to this page to get an indicative course cost.

Requisites

You cannot enrol in this unit as well as the following units:

JNB222

JNB331

Mutual Exclusions

You cannot enrol in this unit as well as the following:

JNB222 and JNB331

Teaching

Teaching Pattern

On-campus: 1 x 3 hour class weekly comprising lecture and tutorial components.

Distance: Study guide and readings.

Assessment

On-campus: Coursework 60%, Examination 40%

Distance: Coursework 60%, Take-home Examination 40%

TimetableView the lecture timetable | View the full unit timetable

Textbooks

Required

Please refer to the Co-Op Bookshop link below for all textbook requirements.

Recommended

Co-op Bookshop links

The University reserves the right to amend or remove courses and unit availabilities, as appropriate.