2013 Unit of Study
The session(s) below are for 2013. For Summer School 2013 unit of study availability please visit the Summer School website (main Summer session January/February 2013).
The University of Sydney session calendar shows exact dates for sessions.
|Methods of Decision Analysis|
|Prerequisites||BUSS1020 or ECMT1010 or ECOF1010|
|Lectures||1x 2hr lecture and 1x 1hr tutorial per week|
|Assessment||Assignments (20%); Mid-semester test (20%); Final exam (60%)|
|Description||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 main goal of the course is to show 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.|