Methods of Decision Analysis (QBUS2320)

UNIT OF STUDY

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.

Further unit of study information

Classes

1x 2hr lecture and 1x 1hr tutorial per week

Assessment

Group assignment (10%), assignment (10%), mid-term exam (25%), and final exam (55%)

Faculty/department permission required?

No

Unit of study rules

Prerequisites and assumed knowledge

BUSS1020 or ECMT1010 or equivalent

Prohibitions

ECMT2730, ECMT2630, ENGG1850, CIVL3805

Study this unit outside a degree

Non-award/non-degree study

If you wish to undertake one or more units of study (subjects) for your own interest but not towards a degree, you may enrol in single units as a non-award student.

Cross-institutional study

If you are from another Australian tertiary institution you may be permitted to underake cross-institutional study in one or more units of study at the University of Sydney.