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Unit of study_
QBUS3330: Methods of Decision Analysis
2025 unit information
This introductory unit on decision analysis addresses the formal methods of decision making. These methods include measuring risk by subjective probabilities; growing decision trees; performing sensitivity analysis; using theoretical probability distributions; simulation of uncertain events; modelling risk attitudes; estimating the value of information; and combining quantitative and qualitative considerations. The primary goal of the unit is to demonstrate how to build models of real business situations that allow the decision maker to better understand the structure of decisions and to automate the decision process by using computer decision tools.
Unit details and rules
Managing faculty or University school:
Business (Business School)
| Study level | Undergraduate |
|---|---|
| Academic unit | Business Analytics |
| Credit points | 6 |
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Prerequisites:
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BUSS1020 or DATA1001 or ECMT1010 or ENVX1001 or ENVX1002 or STAT1021 or ((MATH1005 or MATH1015) and MATH1115) or 6 credit points of MATH units which must include MATH1905 |
|---|---|
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Corequisites:
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None |
| Prohibitions:
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QBUS2320 or ECMT2630 or ENGG1850 or CIVL3805 |
| Assumed knowledge:
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None |
At the completion of this unit, you should be able to:
- LO1. recognise the types of problems that decision analysis can and can’t address
- LO2. develop the ability to identify the values, objectives, attributes, decisions, uncertainties, consequences, and trade-offs in a real decision problem
- LO3. apply the concepts learned in this unit (expected value, value of information, risk aversion, and tradeoffs between attributes) to identify good decisions and strategies
- LO4. demonstrate the ability to represent a decision problem graphically and/or mathematically
- LO5. develop the skills to determine the optimal decision mathematically
- LO6. cultivate the aptitude for identifying which parameters have the most impact on the results of an analysis
- LO7. Develop the expertise of explaining the results of decision analysis to managers and other non-specialists.
Unit availability
This section lists the session, attendance modes and locations the unit is available in. There is a unit outline for each of the unit availabilities, which gives you information about the unit including assessment details and a schedule of weekly activities.
The outline is published 2 weeks before the first day of teaching. You can look at previous outlines for a guide to the details of a unit.
| Session | MoA ? | Location | Outline ? |
|---|---|---|---|
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Semester 2 2025
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Normal day | Camperdown/Darlington, Sydney |
Outline unavailable
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Modes of attendance (MoA)
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