Enrolments for 2021 have closed.
Analytical Methods for Decision-Making
Undergraduate | TAS-JNB164 | 2021
Course information for 2021 intake View information for 2024 course intake
- Study method
- 100% online
- Assessments
- Subject may require attendance
- Entry requirements
- No ATAR needed,
- No prior study
- Duration
- 14 weeks
HECS-HELP and FEE-HELP available
Analytical Methods for Decision-Making
About this subject
Upon completion of this subject, the student should be able to:
- 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
- 1 DESCRIPTIVE APPROACHES AND MEASURES OF DATA FOR DECISION MAKING
- 2 Measuring uncertainties in decision making – the probabilistic approach
- 3 Probability distributions – the discrete and continuous setup
- 4 Sampling methods and theorems in decision analysis
- 5 Estimations, sample comparisons and confidence intervals
- 6 Hypothesis testing for decision making
- 7 Analysis of dependencies between decision variables
- 8 Modelling decisions under risk – quantitative decision analysis
- 9 Measuring subjective data and its interpretations
- 10 Expected utility principle for decision making – concept and applications
- 11 Linear programming and decision making
- 12 Qualitative data methods and decision making
This subject introduces students to both quantitative and qualitative methods and their applications to decision-making in business management. The subject 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 subject 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 subject 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 subject 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 subject challenging, its knowledge is essential for the study of other subjects in the course, such as Transport Research Project, Warehousing and Distribution, Supply Chain Management, etc.
- Engagement Quiz (0%)
- Online Quiz (15%)
- Online Quiz (15%)
- Final Exam (40%)
- Solving tasks
For textbook details check your university's handbook, website or learning management system (LMS).
Wherever you are, the University of Tasmania brings its island campus to you through a growing range of online programs across art and design, business, education, health, science, sustainability, technology, and more. It’s never too late to switch things up. Kickstart that career you’ve been dreaming about, or upskill for the one you’re in. You’ll also become a part of the world's leading university on climate action.
Learn more about UTAS.
Explore UTAS courses.
- QS Ranking 2024:
- 20
- Times Higher Education Ranking 2024:
- 19
Entry requirements
No entry requirements
Study load
- 0.125 EFTSL
- This is in the range of 10 to 12 hours of study each week.
Equivalent full time study load (EFTSL) is one way to calculate your study load. One (1.0) EFTSL is equivalent to a full-time study load for one year.
Find out more information on Commonwealth Loans to understand what this means to your eligibility for financial support.
Why study a single subject?
Bite sized study
Try studying a particular area to see if online study suits you, or upskill in just a few months with a single subject that you’re interested in.
Pursue a dream
With thousands of single subjects to choose from, you can find topics that get you on the path to your higher education goals fast.
Gain Uni credit
Most single subjects are part of a full degree. That means if you’re keen to keep learning, you can gain credit for the subjects you’ve successfully completed.
Single subject FAQs
Single subjects are the individual components that make up a degree. With Open Universities Australia, you’re able to study many of them as stand-alone subjects, including postgraduate single subjects, without having to commit to a degree.
Each of your subjects will be held over the course of a study term, and they’ll usually require 10 to 12 hours of study each week. Subjects are identified by a title and a code, for example, Developmental Psychology, PSY20007.
First, find the degree that you would like to study on our website.
If that degree allows entry via undergraduate subjects, there will be information about this under the Entry Requirements section. You will find a list of 2-4 open enrolment subjects you need to successfully complete to qualify for admission into that qualification.
Once you pass those subjects, you will satisfy the academic requirements for the degree, and you can apply for entry.
Our student advisors are here to help you take that next step, so don’t hesitate to reach out when you’re ready! We’ve also made it easier to figure out the right way to get started on our pathways page.
Our student advisors are more than happy to help you plan your online study. Get in touch with an advisor by:
You can pay up front with your credit card, or you may be eligible for a HELP loan from the Australian government depending on your citizenship status and where you’ll live during your studies.
For more information about how to pay for your studies visit our fees page or contact a student advisor.
When you’ve made your choice, click ‘Enrol now’ on the relevant course page and follow the prompts to begin your enrolment. We’ll ask you to supply some supporting documentation, including proof of your identity, your tax file number, and a unique student identifier (USI) during this process.
Your university will get in touch with you via email to confirm whether or not your application has been successful.
If you get stuck at any time, reach out to us and we’ll talk you through it.
You can also take a look at our online self-service enrolling instructions .
Close of enrolment times vary between universities and subjects. You can check the cut-off dates for upcoming study terms by visiting key dates.