| Unit name | Decision Analysis and Simulation |
|---|---|
| Unit code | MGRC30003 |
| Credit points | 20 |
| Level of study | H/6 |
| Teaching block(s) |
Teaching Block 1 (weeks 1 - 12) |
| Unit director | Dr. Kremantzis |
| Open unit status | Not open |
| Units you must take before you take this one (pre-requisite units) |
Management Science (EFIM20005) |
| Units you must take alongside this one (co-requisite units) |
None |
| Units you may not take alongside this one |
None |
| School/department | School of Management - Business School |
| Faculty | Faculty of Social Sciences and Law |
Vast amounts of real-time data are being collected from various sources and devices, such as mobile phones, social media, and sensors, and then stored and shared through cloud-powered technologies. This unit responds to the demand for business analytics capabilities needed to gain actionable insights on customers’ behaviors, market trends, and business opportunities based on predictive and prescriptive analytics methods. Whereas business analytics has traditionally been dominated by tech giants, such as Google, IBM, and Apple, business analytics has also seen an uptake among Small and Medium Enterprises (SME), which are also striving to achieve greater growth, better decision making, and competitive advantage in a highly data-driven global market.
The unit seeks to expose the students to various model-based methodologies and techniques which inform and elevate the deterministic and stochastic decision-making processes in a variety of organisational settings.
Taken together with the unit Management Science in year 2, the two units embrace a comprehensive and sought-after skillset. The student’s CV will offer much of what is in demand by employers as this is commonly an area of skill shortages. Alternatively, students will possess an excellent grounding should they decide to pursue Management Science/Business Analytics in a taught postgraduate degree.
Learning Outcomes:
1) define and identify the problematic area through developing your logical reasoning and creativity,
2) transform a conceptual framework or verbal statement into its equivalent mathematical model,
3) develop and apply fundamental optimization, simulation, and (multi-criteria) decision analysis models towards the effective decision-making in practice,
4) demonstrate a sound knowledge of a range of available tools and methodologies for the solution of problems and the robust analysis and interpretation of their outputs,
5) utilise computer-based softwares which, along with appropriate data, can facilitate the formulation and execution of various models.
Teaching will be delivered through a combination of synchronous and asynchronous sessions including lectures, tutorials, drop-in sessions, discussion boards and other online learning opportunities.
Formative
There will be weekly practical exercises and case studies (in tutorials and labs) to be completed by students either individually or collectively to improve their analytical skills. Answers and feedback will be available to students for self-assessment. In addition, students will be offered the opportunity to answer online quizzes found on Blackboard, typically at the end of the main lecture, to check their understanding of the respective week’s content. Finally, in-class and/or online polling questions will also be delivered to students via the Mentimeter response system to further check their understanding of various discussed topics.
Summative
Tasks that count towards your unit mark (summative):
• 1 x 60-minute online test via Blackboard (1 x 30%)
• Approximately 1500-word report on the application of Management Science simulation modeling to a real-world case study. (70%)
These assessments will assess all of the intended learning outcomes.
When assessment does not go to plan:
The re-assessment weightings on this unit will not be the same as the original assessment. This means if you do not pass the unit overall, then you will be reassessed with a single piece of assessment weighted at 100%, covering all Learning Outcomes for the unit.
If this unit has a Resource List, you will normally find a link to it in the Blackboard area for the unit. Sometimes there will be a separate link for each weekly topic.
If you are unable to access a list through Blackboard, you can also find it via the Resource Lists homepage. Search for the list by the unit name or code (e.g. MGRC30003).
How much time the unit requires
Each credit equates to 10 hours of total student input. For example a 20 credit unit will take you 200 hours
of study to complete. Your total learning time is made up of contact time, directed learning tasks,
independent learning and assessment activity.
See the Faculty workload statement relating to this unit for more information.
Assessment
The Board of Examiners will consider all cases where students have failed or not completed the assessments required for credit.
The Board considers each student's outcomes across all the units which contribute to each year's programme of study. If you have self-certificated your absence from an
assessment, you will normally be required to complete it the next time it runs (this is usually in the next assessment period).
The Board of Examiners will take into account any extenuating circumstances and operates
within the Regulations and Code of Practice for Taught Programmes.
