The University of Southampton
Courses

# MANG6192 Decision Modelling and Analysis

## Module Overview

The module will provide an overview of some of the analytical tools and techniques used for management decision making. Information supplied to managers to inform decision making is increasingly of a quantitative nature. As a result, managers must routinely understand and evaluate both qualitative and quantitative information.

### Aims and Objectives

#### Module Aims

The aim of the module is to build confidence in being able to reliably use quantitative methods as a normal part of the work environment, and to focus on the practical application of basic modelling methods.

#### Learning Outcomes

##### Knowledge and Understanding

Having successfully completed this module, you will be able to demonstrate knowledge and understanding of:

• Understanding of alternative methods for data presentation;
• Understanding and appreciation of the need for, and use of, descriptive statistics and probability;
• Understanding the impact of risk and uncertainty, and appreciation of analytical methods to tackle them;
• Understanding of the different approaches to forecasting that can be applied in business;
• Understanding of some problem structuring methods, including systems thinking;
• Understanding of the use of several types of simulation modelling, and where they can be effectively applied.
##### Subject Specific Intellectual and Research Skills

Having successfully completed this module you will be able to:

• Evaluate and interpret common types of statistics;
• Differentiate between different decision making models given the decision setting;
• Critically evaluate the appropriate application of different quantitative methodologies.
##### Transferable and Generic Skills

Having successfully completed this module you will be able to:

• Numeracy (mathematical modelling problems);
• Problem solving;
• Rational analysis and critical judgment of decisions;
• Information technology and computing using commercial software.
##### Subject Specific Practical Skills

Having successfully completed this module you will be able to:

• Choose between different methods of data presentation;
• Identify appropriate techniques for analysing a problem;
• Use time series and causal forecasting approaches and evaluate forecast error;
• Use problem structuring methods to analyse complex problems;
• Model systems using discrete-event simulation and system dynamics.

### Syllabus

- Laying the foundations: a revision of the basic principles that underpin quantitative methods including notations and conventions; - Basic spreadsheet modelling using Excel; - Representation of data: descriptive statistics and presentation of data through charts and other visual methods; - Risk and uncertainty: principles, rules and terminology of probability; basic probability distributions (discrete, Normal, uniform, triangular); - Forecasting: time series and causal; - Problem structuring approaches and systems thinking; - Simulation: Monte Carlo, discrete-event and system dynamics.

### Learning and Teaching

#### Teaching and learning methods

Lectures, Problem Solving Sessions, Case Studies.

TypeHours
Teaching30
Independent Study70
Total study time100

Morris, C. (2003). Quantitative Approaches in Business Studies.

Render, B., Stair, R.M. and Hanna M.E (2009). Quantitative Analysis for Management.

Wisniewski, M. (2010). Quantitative Methods for Decision Makers.

Curwin, J. and Slater, R. (2004). Quantitative Methods: A short course.

Robinson, S. (2004). Simulation The Practice of Model Development and Use.

### Assessment

#### Formative

Feedback Workshop

#### Summative

MethodPercentage contribution
Assessment  (2 hours) 50%
Simulation 50%

#### Repeat

MethodPercentage contribution
Assessment  (2 hours) 100%

#### Referral

MethodPercentage contribution
Assessment  (2 hours) 100%

#### Repeat Information

Repeat type: Internal & External

### Costs

#### Costs associated with this module

Students are responsible for meeting the cost of essential textbooks, and of producing such essays, assignments, laboratory reports and dissertations as are required to fulfil the academic requirements for each programme of study.

In addition to this, students registered for this module typically also have to pay for:

##### Textbooks

Recommended texts for this module may be available in limited supply in the University Library and students may wish to purchase the core/recommended text as appropriate.

Please also ensure you read the section on additional costs in the University’s Fees, Charges and Expenses Regulations in the University Calendar available at www.calendar.soton.ac.uk.