2014 Unit of Study
The session(s) below are for 2014. For Summer School 2014 unit of study availability please visit the Summer School website (main Summer session January/February 2014).
The University of Sydney session calendar shows exact dates for sessions.
|Management Decision Making|
|Prohibitions||ECMT6510, ECOF5804, ECMT5003, ECOF6070|
|Lectures||1x 2hr lecture and 1x 1hr tutorial per week|
|Assessment||Individual assignment (30%), mid-semester exam (20%), and final exam (50%)|
|Description||The unit introduces models and tools for decision analysis and their application in managerial settings. The unit will focus on the use of formal decision methods for management decisions in business. The main goal of this unit 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 sensitivity of decisions to changing decision parameters; quantify outcomes in accordance with risk attitudes; and estimate the value of information. Special attention will be paid to informal interpretations of formal decision approaches.|