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.
|Unit name||Analytical Methods for Decision-Making|
|Faculty/School||College of Sciences and Engineering
Australian Maritime College
|Discipline||Maritime and Logistics Management|
Prof Natalia Nikolova
|Available as student elective?||Yes|
|Location||Study period||Attendance options||Available to|
|Launceston||Semester 2||On-Campus||Off-Campus||International International||Domestic Domestic|
- International students
- Domestic students
Please check that your computer meets the minimum System Requirements if you are attending via Distance/Off-Campus.
Units are offered in attending mode unless otherwise indicated (that is attendance is required at the campus identified). A unit identified as offered by distance, that is there is no requirement for attendance, is identified with a nominal enrolment campus. A unit offered to both attending students and by distance from the same campus is identified as having both modes of study.
Special approval is required for enrolment into TNE Program units.
|Study Period||Start date||Census date||WW date||End date|
* 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.
|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.
You cannot enrol in this unit as well as the following units:
You cannot enrol in this unit as well as the following:
JNB222 and JNB331
On-campus: 1 x 3 hour class weekly comprising lecture and tutorial components.
Distance: Study guide and readings.
On-campus: Coursework 60%, Examination 40%
Distance: Coursework 60%, Take-home Examination 40%
|Timetable||View the lecture timetable | View the full unit timetable|
Please refer to the Co-Op Bookshop link below for all textbook requirements.
Co-op Bookshop links
The University reserves the right to amend or remove courses and unit availabilities, as appropriate.