Decision Analysis - CB688

Location Term Level Credits (ECTS) Current Convenor 2019-20
Canterbury Spring
View Timetable
6 15 (7.5) DR J O'Hanley

Pre-requisites

CB313 Intro to Stats for Business or equivalent

Restrictions

Available to short-term/exchange students

2019-20

Overview

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.

Details

This module appears in:


Contact hours

Total contact hours: 21
Private study hours: 129
Total study hours: 150

Method of assessment

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.

Indicative reading

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)

Learning outcomes

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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