Useful links
Unit of study_
QBUS6320: Management Decision Making
This unit introduces models and tools for decision analysis and their application in managerial settings. The unit focuses on the use of formal decision methods for management decisions in business. The main goal is to show how these decision models can improve the decision process by helping the decision maker to understand the structure of decisions; use subjective probabilities for measuring risk; analyse the sensitivity of decisions to changing decision parameters; quantify outcomes in accordance with risk attitudes, and estimate the value of information. Special attention is paid to informal interpretations of formal decision approaches.
| Code | QBUS6320 |
|---|---|
| Academic unit | Business Analytics |
| Credit points | 6 |
|
Prerequisites:
?
|
QBUS5001 or QBUS5002 |
|---|---|
|
Corequisites:
?
|
None |
| Prohibitions:
?
|
None |
| Assumed knowledge:
?
|
Basic Algebra, Probability, and Statistics |
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. identify the values, objectives, attributes, decisions, uncertainties, consequences, and trade-offs in a real decision problem
- LO3. apply concepts learned in this class (expected value, value of information, risk aversion, and tradeoffs between attributes) to identify good decisions and strategies
- LO4. 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. ripen the expertise of explaining the results of decision analysis to managers and other non-specialists.
Unit outlines
Unit outlines will be available 1 week before the first day of teaching for the relevant session.
- Semester 1, 2023 [Normal day] - Camperdown/Darlington, Sydney
- Semester 1, 2023 [Normal day] - Remote
- Key dates
Key dates through the academic year, including teaching periods, census, payment deadlines and exams.
- Student administration
Enrolment, course planning, fees, graduation, support services, student IT
- Expectations of student conduct
Code of Conduct for Students, Conditions of Enrollment, University Privacy Statement, Academic Integrity
- Academic appeals
Academic appeals process, special consideration, rules and guidelines, advice and support
- Learning and teaching policy
Policy register, policy search
- Financial support
Scholarships, interest free loans, bursaries, money management
- Study resources
Learning Centre, faculty and school programs, Library, online resources
- Health and support
Student Centre, counselling & psychological services, University Health Service, general health and wellbeing
