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Unit of study_
QBUS6320: Management Decision Making
2024 unit information
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.
Unit details and rules
Managing faculty or University school:
Business Analytics
| Code | QBUS6320 |
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| Academic unit | Business Analytics |
| Credit points | 6 |
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Prerequisites:
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QBUS5001 or QBUS5002 |
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Corequisites:
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None |
| Prohibitions:
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None |
| Assumed knowledge:
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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.
- LO8. Become competent in the use of Palisade Decision Suite software.
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.
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Modes of attendance (MoA)
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