Businesses need to make decisions about everything, often at pace and always ensuring positive results. But making decisions can be difficult, which is why those that have the skills and confidence to make the right calls are valuable to business. You'll be able to take a structured and coherent approach to decision-making, involving a wide range of quantitative and graphical methods for representing and assessing alternatives to decide a best course of action. Leading companies across a wide range of sectors use decision analysis and you’ll understand how to apply it to a wide range of business situations, giving you the skill set you need to launch a successful career.
Total contact hours: 21
Private study hours: 129
Total study hours: 150
Main assessment methods:
In-Course Test 1, 45 minutes (20%)
In-Course Test 2, 45 minutes (20%)
Examination, 2 hours (60%).
Reassessment method:
100% examination.
Clemen, R.T. (1996), Making Hard Decisions: An Introduction to Decision Analysis (2nd Ed.), Belmont: Duxbury Press
Goodwin, P. and Wright, G. (2009) Decision Analysis for Management Judgment (4th Ed.), Chichester: Wiley
Hillier, F.S. and Lieberman G.J. (2015), Introduction to Operations Research (10th Ed.), Boston; McGraw-Hill
Howard, R.A. and Abbas, A.E. (2015) Foundations of Decision Analysis. Harlow: Prentice Hall.
Skinner, D (2009), Introduction to Decision Analysis (3rd Ed.), Gainsville: Probabilistic Publishing
Winston, W.L. (2004), Operations Research: Applications and Algorithms (4th Ed.), Belmont: Duxbury Press.
See the library reading list for this module (Canterbury)
The intended subject specific learning outcomes.
On successfully completing the module students will be able to:
- recognise the inherent difficulties involved in making decisions characterised by complexity and uncertainty
- identify alternatives together with their associated uncertainties and payoffs.
- systematically structure, analyse and solve realistic problems using decision analysis methods
- incorporate a decision maker's risk attitude into the selection of a preferred alternative.
- demonstrate techniques for assessing the value of information.
The intended generic learning outcomes.
On successfully completing the module students will be able to:
- deconstruct complex problems
- apply analytical and numerical skills to identify appropriate solutions
- present their findings in a clear and structured manner
- plan work and study independently using relevant resources
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