This class exists in these courses :
• IÉSEG > IESEG Degree - Programme Grande École > Semester 1 > 2,00 ECTS

Prerequisites

Although the level of math used in this course is fairly simple, familarity with probability, basic statistical and calculus concepts would be helpful. Familarity with Excel is also desirable. Students should be interested in using quantitative analytical tools.

Learning outcomes

The fundumental purpose of studying this course is to be able to represent real word problems using models that can be analysed to gain understanding and insight. Therefore, the goals and objectives are as follows:
-Grasp the concept and purpose of the decision analysis techniques
-Indentify the basic elements of a decision problems
-Create graphical structures (Decision tree and Influence diagram) for decision models
-Apply some tools available to the decision maker for analysing a decision model
-Use sensitivity analysis tools in the iterative decision-structuring and analysis process
-Apply linear programming technique to solve relatively small problems if applicable

Course description

- Introduction to decision analysis and elements of decision problems
- Structuring decisions using Decision trees and Influence diagram along with using the PrecisionTree software
- Making choices using decision Trees, Inflence diagrams and risk profiles along with using PrecisonTree sofwtare
- Sensitivity analysis approcahes along with using PrecisionTree software
- Applications of optimization techniques

Class type

Class structure

Teaching methods

• Case study
• Interactive class
• Project work
• Tutorial

Assessment

Recommended reading

• Making Hard Decisions with DecisionTools, Robert T. Clemen and Terence Reilly, 3rd edition -

• Operations Management, Heizer, Render, Munson 11th-12th edition -