Find us on Facebook Find us on LinkedIn Follow us on Twitter Subscribe to our YouTube channel Instagram

Unit of Study

Methods of Decision Analysis
UoS Code QBUS2320
Credit points 6
Offered Semester 1
Prerequisites BUSS1020 or ECMT1010 or equivalent
Prohibitions ECMT2730, ENGG1850, ECMT2630, CIVL3805
Assumed Knowledge
Additional Information
Lectures 1x 2hr lecture and 1x 1hr tutorial per week
Assessment assignment 1 (10%), assignment 2 (10%), mid-term exam (30%), final exam (50%)
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.