Description

The purpose of Microeconomics Unit is to provide students with a good understanding of how individuals and firms make rational decisions when faced with scarcity. The key topics we study include demand, supply and market equilibrium, efficiency of the free market, market failure, profit maximising decisions in different market structures, and consumer choice and behavioral economics.

Prerequisites

Nil

Learning Outcomes

On completion of this unit, students should be able to:

1. Understand the main microeconomic issues associated with the decision
    making by individual consumers and firms
2. Understand concepts relating to the cost of production in both the short and
    long run
3. Explain the differences in price and output outcomes under different market
    structures in both the short and long run and the welfare implications of
    these outcomes
4. Describe the virtues and shortcomings of free markets
5. Have knowledge of remedies to overcome market failure

Description

This unit is designed to develop an understanding of how organisations are managed and to enable the application of analytical skills to a range of managerial and organisational issues.

This unit is taken by part 2 Diploma of Business students. 

Prerequisites

Nil

Learning Outcomes

When you have completed this unit, you are expected to be able to:
1. Demonstrate a contextual appreciation of management as an evolving set of contested ideas for how managers may influence people, organisations, and their environments to achieve organisational goals
2. Identify what managers do in practice, and analyse how the various activities that comprise managing both shape and are shaped by individual and group behaviour and diversity in organisational settings
3. Critically evaluate the impact of contemporary management practices on employee experiences of being managed
4. Explain the concepts of stakeholder interests and socially responsible management, assessing their implications for individuals and organisations in a global context
5. Apply research, analytical and communication skills required of the management discipline to address business challenges. 

Description

Marketing faces ongoing challenges and opportunities in the ever-changing world of business.

This unit introduces you to the broad discipline of marketing through a blended learning module.The unit will also demonstrate the practical application of the theories and concepts covered in the subject. It will also provide you with an opportunity to apply these concepts to situations and market offers.

The unit is delivered through weekly face-to-face lectorials (expert-led sessions) and tutorials. Subject material and assessment material are made available online through the learning management system – Moodle.

Students are expected to complete a series of online and oral assessments throughout the trimester. Assessments will also be conducted in both lectorials and tutorials.

This is a core unit in the Monash College Diploma of Business, Part 2. 

Prerequisites

Nil

Learning Outcomes

1. Be familiar with the role of marketing within an organisation.
2. Have an understanding of the relevant marketing theories.
3. Demonstrate the practical application of the theories and concepts. 

Description

This unit is designed to provide skills in data analysis and statistical processes as applied to business and basic business computations and techniques.

Prerequisites

MCD1110 Data Analysis and MCD1550 Introduction Mathematics for Business or equivalent
(For Business stream only. For Part 2 students, Part 1 pre-requisites are not applicable)

MCD1110 Data Analysis and MCD1230 Applied Mathematics or equivalent
(For Commerce stream only. For Part 2 students, Part 1 pre-requisites are not applicable)

Learning Outcomes

In this unit you will learn to use basic statistical techniques and apply them to problems across a range of areas in business.

On completion of this unit, students should be able to:
1. Interpret business data using descriptive statistics techniques, including the use of Excel spreadsheet functions
2. Apply simple concepts of probability and probability distributions to problems in business decision-making
3. Describe the role of statistical inference and apply inference methods to single population means and proportions
4. Interpret and evaluate the relationships between variables for business decision-making, using the concepts of correlation and multiple linear regression
5. Develop skills in spreadsheet modelling and understand how simulation is used to address business problems.

These outcomes are important to a successful career in Business. 

Description

This unit introduces the way in which law impacts on business and consumers in Australia.

This is a core unit in the Monash College Diploma of Business Part 2. 

Prerequisites

Nil

Learning Outcomes

On completion of this unit, students should be able to:
● The structure of the Australian legal system.
● The law of negligence, with emphasis on the law as it relates to the various foreseeable harms including pure economic loss.
● The law of contract, with emphasis on contract formation, contents, matters affecting the validity of a contract and termination for breach.
● The law of consumer rights, with emphasis on the provision of goods and services.
● The law of privacy, with emphasis on the APP principles and breaches that result in the “interference” of privacy rules
● The law as it applies to business structures, with emphasis on partnerships and corporations. 

Description

As a foundation, this unit introduces students to the concepts of finance, financial mathematics, investment analysis, the financial system, risk management and the relationship of finance to other commercial disciplines.

This unit is taken by part 2 Diploma students. 

Prerequisites

Nil

Learning Outcomes

When you have completed this unit, you are expected to be able to:
1. Demonstrate a basic understanding of the fundamental concepts of finance
2. Apply core concepts of finance to real-life industry problems and financial literacy scenarios in preparation for additional study in the discipline.
3. Develop basic financial mathematical skills to resolve common business or personal financial problems.

Description

This unit is designed to introduce accounting principles and practice for decision making in a business environment.

This unit is taken by part 2 Diploma students. 

Prerequisites

Nil

Learning Outcomes

As a result of undertaking this unit, you should be able to:
1. Understand basic Accounting Concepts.
2. Identify different business structures and understand their benefits and challenges
3. Describe the elements of financial reports, define accounting elements and prepare and interpret basic financial reports and budgets;
4. Use ratio analysis in evaluating business performance, explain their use for decision making;
5. Interpret information (financial and non-financial) for managers to use in planning, decision making and control;
6. Perform cost-volume-profit analysis;
7. Understand capital budgeting and investment decision using ‘Net Present Value’, Residual Income and other related concepts (e.g. Payback, Internal Rate of Return, Accounting Rate of Return);
8. Apply critical thinking, problem solving and presentation skills to individual and /or group activities dealing with introductory accounting for managers 

Description

This unit is taken by part 2 Diploma students. This unit provides students with an introduction to financial accounting guided by the Conceptual Framework and Accounting Standards. Emphasis is placed on accounting processes, practices and policies that enable financial statements to be prepared. Students will integrate theoretical and technical knowledge learned and exercise judgment to explore accounting issues.

This unit is taken by part 2 Diploma of Business students. 

Prerequisites

Nil

Learning Outcomes

The learning goals associated with this unit are to:

1. Identify and analyse measurement systems and their relationship with the
    accounting Conceptual Framework
2. Apply the principles of double-entry and accrual accounting
3. Describe and apply definitions and recognition criteria for assets, liabilities,
    incomes and expenses as specified in the Conceptual Framework
4. Apply principles of selected Accounting Standards and prepare financial
    statements for business entities including service and retail organisations
5. Develop the ability to work effectively in a team; and demonstrate the
    development of skills in research, judgement and oral communication.

Description

This unit is designed to enable the application of macroeconomic principles to the analysis and evaluation of economic policies.

This is an elective unit in the Monash College Diploma of Business Part 2.

Prerequisites

Nil

Learning Outcomes

When you have completed this unit, you are expected to:
1. Understand several approaches that economists use to explain and predict various economic events.
2. Understand and evaluate the importance of factors that determine aggregate output, unemployment, interest rates, inflation and the exchange rate.
3. Appreciate the influence of macroeconomic conditions on decision-making in government, business and international trade.
4.  Analyse and critically evaluate policies designed to affect individual behaviour and aggregate outcomes.
5. Develop analytical skills through the rigorous use of graphical models.
6. Understand and relate macroeconomic concepts to day-to-day life and real-world experiences.
7. Develop generic skills, including critical thinking, oral presentation skills, independent learning skills and skills associated with the use of computers /technology, all of which are valuable for business and commerce students and essential for progression to upper-level economics units. 

Description

This unit is designed to develop an understanding of the reasons why consumers behave in a certain way and how marketing can use this knowledge.
This is a unit in the Monash College Diploma of Business, Part 2.

Prerequisites

Nil

Learning Outcomes

On completion of this unit, students should be able to:
1. Demonstrate a detailed understanding of the basic concepts of buyer behaviour and describe how this knowledge can be used by marketers
2. Demonstrate the ability to segment markets using buyer behaviour concepts / constructs
3. Identify and illustrate how buyer behaviour concepts can be used to explain the decisions that buyers make in the marketplace
4. Analyse the behaviour profiles of specific market segments and understand the basic aspects of strategy development as it applies to specific target groups
5. Explain and apply marketing communication in relation to buyer behaviour
6. Apply consumer behaviour models and theories to contemporary marketing practices from both a theoretical and practical perspective

Description

This unit introduces programming fundamentals using the Python language. It will present fundamental programming control structures, built-in and complex datatypes, mechanisms for modularity, and the use of basic libraries. Students will also be introduced to good programming practices and programming in teams. 

Prerequisites

Nil

Learning Outcomes

On completion of this unit, students should be able to:
1. Effectively use variables, conditionals and loops in computer programs.
2. Design, construct and test simple programs that include user-defined functions and data structures.
3. Write programs efficiently by discovering and leveraging libraries.
4. Implement good programming practices in a team, including unit testing, basic documentation and readability. 

Description

This unit is taken by part 2 Diploma of Business (Business stream) students. The aim of this unit is to provide students with the knowledge and skills to make effective use of mathematical ideas, techniques and processes in both business and everyday life. 

Prerequisites

It is recommended that students have studied year 11 (or equivalent) mathematics. 

Learning Outcomes

On completion of this unit, students should be able to:
1. Demonstrate knowledge of key features of straight line and line segment graphs and the form of related tables of values.
2. Prove knowledge of the concept of break-even analysis and its relation to graphic and tabular representation of relations.
3. Show knowledge of non-linear relations in terms of a constant of proportionality and key features.
4. Demonstrate knowledge of linear inequalities, systems of linear inequalities and their properties.
5. Show an understanding of sequences and recurrence relations for growth and decay and illustrate knowledge of terms, concepts and definitions associated with simple interest, compound interest, depreciation methods, annuities and reducing balance loans, and formulas and calculations associated with these.
6. Confirm knowledge of matrix properties. Solve data array problems. Solve simultaneous linear equations in two variables using matrix formulations 

Description

This unit is taken by part 2 Diploma students, and the focus of this unit will be on the behaviour of functions and examining some of their applications to the real world. The way that functions will be introduced is by individually describing the characteristics of families of different function types (linear, polynomial, rational, exponential, logarithmic and trigonometric). The composition of functions through possible combinations of different types of functions will also be investigated. Other operations on functions, such as transformations via shifting, scaling and reflection, will be presented, along with the existence and meaning of inverse functions.

This initial part of the course will then be used to provide a foundation for examining the rate of change of a function. Principally, this involves defining the elementary principles of differential calculus and then utilising these with respect to the types of functions mentioned above. As a final topic, an introduction to integral calculus is presented. 

Prerequisites

It is recommended that students have studied year 11 (or equivalent) mathematics.

Learning Outcomes

On completion of this subject, students will have acquired knowledge of:
1. The notion of functions and their representation as tables, graphs or mathematical expressions;
2. The basic characteristics of polynomial, rational, exponential, logarithmic and trigonometric functions;
3. The algebra of functions;
4. The concepts of composition functions and inverse functions;
5. The transformation of functions, algebraically and graphically;
6. The concepts of rate of change of a function and derivative of a function
7. The concept of anti-differentiation of a function and its main application: The Fundamental Theorem of Calculus.

And will have developed skills in:

8. I Identifying different types of functions behaviour by means of neat sketch-graphs; determining basic properties and behaviour of functions by analytic and by means of neat sketch graphs;
9. Using function algebra;
10. Calculating composition functions and inverse functions; using functions as models of real-life behaviour; calculating simple derivatives and integrals; communicating and interpreting mathematical results;