Courses & Units

Analytical Methods for Decision-Making JNB164

Launceston

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 have to 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 other units in the course, such as Transport Research Project, Warehousing and Distribution, Supply Chain Management, etc.

Summary

Unit name Analytical Methods for Decision-Making
Unit code JNB164
Credit points 12.5
Faculty/School College of Sciences and Engineering
Australian Maritime College
Discipline Maritime and Logistics Management
Coordinator

Nataliya Nikolova

Available as student elective? No
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

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.

TNE Program units special approval requirements.

Key Dates

Study Period Start date Census date WW date End date
Semester 2 12/7/2021 10/8/2021 30/8/2021 17/10/2021

* 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).

About Census Dates

Learning Outcomes

1

Differentiate between the nature and aspects of quantitative and qualitative methods for decision analysis

2

Describe data using numerical measures and graphical methods

3

Explain the basics of data collection and sampling methods

4

Identify data analysis problems related to business management

5

Apply relevant analytical methods to solve management problems

Fees

Field of Education Commencing Student Contribution 1 Grandfathered Student Contribution 1 Approved Pathway Course Student Contribution 2 Domestic Full Fee
020307 $993.00 $993.00 not applicable $2,402.00

1 Please refer here more information on student contribution amounts.
2 Information on eligibility and Approved Pathway courses can be found here
If you have any questions in relation to the fees, please contact UConnect or more information is available on StudyAssist.

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

Requisites

Mutual Exclusions

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

JNB331 AND JNB222

Teaching

Teaching Pattern

1 x 120 minute lecture weekly, 1 x 60 minute tutorial weekly

Assessment

AT1 - Engagement Activity (0%)

AT2 - Online Quiz 1 (15%)

AT3 - Online Quiz 2 (15%)

AT4 - Assignment (30%)

AT5 - Exam (40%)

TimetableView the lecture timetable | View the full unit timetable

Textbooks

RequiredNone
LinksBooktopia textbook finder

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