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Unit of Study

Methods of Decision Analysis
UoS Code QBUS2320
Credit points 6
Offered Semester 1
Prerequisites BUSS1020 or ECMT1010 or ENVX1001 or ENVX1002 or 6 credit points in MATH units including one of MATH1005, MATH1905 or MATH1015
Prohibitions ECMT2630, ENGG1850, ECMT2730, 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.