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 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

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

1. Use tables, graphs and charts to present data in meaningful forms.
2. Calculate measures of central tendency and dispersion for raw data and
    estimate measures of central tendency and dispersion from grouped data.
3. Use Pivot Tables using Excel.
4. Identify the main features of the binomial and general discrete probability
    distributions, and apply these to business problems.
5. Recognise and utilise normal distribution probability curves, and perform
    associated business calculations involving the use of standard normal tables
    and statistical functions in Excel.
6. Select a simple random sample and identify possible sources of bias in
    sample surveys.
7. Use the normal distribution and t-distribution to calculate confidence intervals
    for population parameters.
8. Use the normal distribution and t-distribution to test statistical hypotheses.
9. Utilise statistical concepts and methods, including correlation and linear
    regression, to explore and explain the relationship between two variables.
10.Identify and interpret the four basic components of a time series and apply
     elementary forecasting techniques to time series data
11.Use the chi square distribution for testing of independence between two
     categorical variables.
12.Perform simple statistical analysis, calculation and report writing using Excel.

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.

Prerequisites

Nil

Learning Outcomes

When you have completed this unit, you are expected to be able to:

1. Define management and summarise the evolution of management ideas on
    how managers may influence, people, organisations and their contexts to
    achieve organisational goals. This includes an awareness of the cultural
    contexts of the original source and the development and contemporary
    application of management theory and practice.
2. Identify and discuss contextual factors in the organisation's environment that
    impact on how people, managers and organisations interact
3. Describe how decision-making, planning, leading, organising and controlling
    can be managed in organisations
4. Examine the impact on individuals and organisations of contemporary issues
    in management, including stakeholder interests, ethics and social
    responsibility
5. Apply the skills of academic writing, research, questioning and analysis
    required of the management discipline

Description

Marketing faces ongoing challenges and opportunities in the ever-changing 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 an opportunity to apply these concepts to situations and market offers. The unit 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 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

When you have completed this unit, you are expected to be able to:

1. Understand the role of marketing within an organisation
2. Be familiar with the roles and responsibilities of marketers
3. Apply marketing principles within a general business context

English Language Outcomes
1. Perform effectively in English during a prepared academic presentation
2. Participate effectively in groups during academic discussions of unit related
    content in English
3. Listen to and mostly comprehend spoken texts including academic, classroom
    and advertising genres
4. Use note-taking strategies to record information from spoken texts and show
    understanding
5. Use a range of reading strategies to assist comprehension of written texts
    including industry reports, textbooks, academic and multimedia genres
6. Identify key information and produce accurate notes and summaries from
    written texts to demonstrate understanding
7. Demonstrate application of theories studied through reference to examples
8. Write substantial, coherent and mostly accurate texts following templates
    provided
9. Produce short and extended written texts that appropriately respond to timed
    exam questions
10.Support views with reference to literature and by following academic
     conventions

Description

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

Prerequisites

Nil

Learning Outcomes

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

1. Describe the sources of law in Australia and the ways in which the courts
    interpret the law.
2. Explain the law as it relates to negligent conduct, with particular emphasis on
    negligent advice.
3. Explain the law of contract, with particular emphasis on the rules relating to
    contract formation, the identification of terms, discharge of the contract and
    remedies arising from breach.
4. Describe the law as it relates to business practices, which are deemed anti-
    competitive and unfair.
5. Explain partnership law, with particular emphasis on the formation of a
    partnership, the relationship between partners and between partners and
    outsiders dealing with them.
6. Describe corporations’ law, with particular emphasis on the consequences of
    incorporation, the different types of corporations and the duties of company
    directors.

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.

Prerequisites

Nil

Learning Outcomes

When you have completed this unit, you are expected to be able to:

1. Describe the foundation concepts of finance; and,
2. Relate the concepts of finance to other commercial disciplines.
3. Demonstrate an introductory understanding of the concepts of finance in
    preparation for additional study in the discipline

Description

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

Prerequisites

Nil

Learning Outcomes

As a result of undertaking this unit, you should be able to:

1. Explain different business structures and capital investment evaluation
2. Understand the process of business planning and performance measurements
3. Prepare budgets, perform cost-volume-profit analysis, and make costing and
    pricing management decisions
4. Analyse and interpret financial reports and explain their use for management
    decision making
5. Apply critical thinking, problem solving and presentation skills to individual
    and group activities dealing with first year accounting for managers unit.

Description

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 judgement to explore accounting issues.

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 application of macroeconomic principles to the analysis and evaluation of economic policies.

Prerequisites

Nil

Learning Outcomes

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

1. Apply economic analysis appropriate to achieving an understanding of the
    working of the economy as a whole.
2. Explain and analyse the forces which determine the level of national output,
    employment and inflation.
3. Explain and analyse long-run economic growth and policies.
4. Explain and apply principles of aggregate expenditure.
5. Explain and apply the principles of aggregate demand and aggregate supply
    and explain their relationship to equilibrium of the economy.
6. Explain and analyse the role of the money supply and interest rate in
    determining the level of economic activity.
7. Explain how the role of monetary and fiscal policies affects the aggregate
    demand.
8. Explain the significance of Australia's economy in relation to the rest of the
    world and the implications of this interdependence for the balance of
    payments and the exchange rate.

Description

This unit is designed to develop students' comprehension of communication issues within organisational settings and their capacity as professionals to communicate effectively particularly in job interviews situations.

Prerequisites

Nil

Learning Outcomes

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

1. Discuss communication in terms of theoretical models and explain how they
    apply to the managerial role within an organisation.
2. Analyse and discuss the significance of the function of managerial
    communication.
3. Discuss the cultural context of managerial communication.
4. Demonstrate competence in researching, reading, critically analysing,
    evaluating, and reporting both orally and in writing on a range of topics and
    issues in managerial communication.
5. Develop and demonstrate an understanding of the dynamics of interpersonal
    communication and the skills necessary for effective communication within
    organisations.
6. Discuss the dynamics of group communication and demonstrate skills
    necessary for effective group decisionmaking and communication.
7. Develop an understanding of organisation-wide communication issues and
    contexts.
8. Discuss the impact of communication and information technologies on
    managerial communication.

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.

Prerequisites

Nil

Learning Outcomes

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

1. Explain the evolution of the study of buyer behaviour.
2. Explain the role of innate and acquired needs and the process of motivation
    as well as consideration of how markets can be segmented.
3. Explain how perspectives on the 'self' may influence consumption patterns.
4. Explain the meaning of the perceptual processes and how they can be
    adapted to modern marketing and communications.
5. Compare behavioural and cognitive learning theories, and how these can be
    applied in communication and marketing strategies.
6. Develop an understanding of attitudes and their formation and how they may
    be changed.
7. Analyse the role of the consumer as a decision maker and product user.
8. Analyse notions of collective decision making as practised by families and
    other groups.
9. Consider the role and influence of opinion leaders and reference groups.
10.Define social class and analyse concepts of class consumption patterns and
     behaviours.
11.Analyse culture, subcultures, and their impact on buyer behaviour.
12.Explain the innovation and diffusion process as it relates to product
     information in the market place.

Description

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. Demonstrate knowledge of the concept of breakeven analysis and its relation
    to graphic and tabular representation of relations.
3. Demonstrate 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. Demonstrate knowledge of terms, concepts and definitions associated with
    sequences and recurrence relations, simple interest, compound interest,
    growth and decay in financial contexts, depreciation methods, annuities and
    reducing balance loans, and formulas and calculations associated with these.
6. Demonstrate knowledge of matrix properties. Solve data array problems and
    simultaneous linear equations in two variables using matrix formulations.

Description

The focus of this unit will be on the behavior 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 combination of different types of component 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 notions of function and their representation as tables, graphs or
    mathematical expressions;
2. Basic characteristics of linear, polynomial, rational, exponential, logarithmic
    and trigonometric functions;
3. The algebra of functions;
4. Methods of transformations of a function and finding inverse functions;
5. The notion of rate of change of a function and finding derivatives of functions.
6. Finding the anti-derivative of a function and using its main application: The
    Fundamental Theorem of Calculus.

And will have developed skills in:

1. Identifying different types of functions and mathematically analysing their
    behaviour;
2. Creating graphs illustrating important characteristics of a function;
3. Being able to interpret transformations of a function and to be able to find
    the inverse of a function (with the notable exception of inverse trigonometric
    functions as they are not currently on the syllabus);
4. Basic techniques of The Calculus;
5. Forming a LOGICAL progression of thought.