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.
|Unit name||Analytical Methods for Decision-Making|
|College/School||College of Sciences and Engineering
Australian Maritime College
|Discipline||Maritime and Logistics Management|
|Coordinator||Professor Nataliya Nikolova|
|Teaching staff||Professor Nataliya 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
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|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 2022 are indicative and subject to change. Finalised census dates for 2022 will be available from the 1st October 2021.
- Differentiate between the nature and aspects of quantitative and qualitative methods for decision analysis
- Describe data using numerical measures and graphical methods
- Explain the basics of data collection and sampling methods
- Identify data analysis problems related to business management
- Apply relevant analytical methods to solve management problems
|Field of Education||Commencing Student Contribution 1||Grandfathered Student Contribution 1||Approved Pathway Course Student Contribution 2||Domestic Full Fee|
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.
You cannot enrol in this unit as well as the following:JNB331 AND JNB222
1 x 120 minute lecture weekly, 1 x 60 minute tutorial weekly
|Assessment||Online Quiz 1 (15%)|Online Quiz 2 (15%)|Final Exam (40%)|Engagement Quiz|Assignment:. Solving tasks (30%)|
|Timetable||View the lecture timetable | View the full unit timetable|
Selvanathan, SA, Selvanathan, S, Keller, G 2017, Business Statistics: Australia New Zealand, Seventh Edition, Cengage Learning Australia, ISBN: 9780170369466 (or latest edition at time of delivery)
Lind, DA, Marchal, WG & Wathen, SA 2017, Statistical techniques in business & economics, 17th edn, Irwin McGraw-Hill, New York
Albright, SC, Winston, WL & Zappe, C 2011, Data analysis & decision making, 4th edn, South-Western Cengage Learning, Mason, OH.
Anderson, DR, Sweeney, DJ, Williams, TA, Camm, JD & Martin, K 2013, Quantitative methods for business, 12th edn, South-Western Cengage Learning, Mason, OH.
Berenson, ML, Levin, DM, Krehbiel, TC, Watson, J, Jayne, N & Turner, L 2013, Basic business statistics – concepts and applications, 3rd edn, Person Australia Group, Frenchs Forest.
Hillier, FS & Hillier, MS 2014, Introduction to management science: A modelling and case studies approach with spreadsheets, 5th edn, McGraw-Hill Irwin, New York.
Oakshott, L 2012, Essential quantitative methods for business, management and finance, 5th edn, Palgrave Macmillan, Hampshire.
|Links||Booktopia textbook finder|
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