Launceston
This unit has been discontinued.
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 2020
Unit name | Analytical Methods for Decision-Making |
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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
Note
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* 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).
Fees
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. |
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Assessment | On-campus: Coursework 60%, Examination 40% Distance: Coursework 60%, Take-home Examination 40% |
Timetable | View the lecture timetable | View the full unit timetable |
Textbooks
Required | Please refer to the Co-Op Bookshop link below for all textbook requirements. |
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Recommended |
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