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Making decisions is one of the most important things any manager or business must do. Making smart decisions, however, can be extremely difficult due the complexity and uncertainty involved. Decision Analysis (DA) provides a structured and coherent approach to decision making. It involves a wide range of quantitative and graphical methods for identifying, representing, and assessing alternatives in order to determine a best course of action. DA is regularly employed by many leading companies in the pharmaceutical, oil and gas, utilities, automotive, and financial services sectors. In this module, you learn about the basic concepts of DA and how to apply it in a variety of practical business planning situations.
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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