Module BUSI56815: APPROACHES TO DECISION MAKING (DL)

Department: Economics, Finance and Business (Business)

BUSI56815: APPROACHES TO DECISION MAKING (DL)

Prerequisites

• None.

Corequisites

• None.

Excluded Combination of Modules

• None.

Aims

• To provide an advanced understanding of the ways in which decision making frameworks may help in making sense of the complex world in which managers manage.

Content

• Optimisation: using linear programming to find best solutions
• Multi-attribute problems: how to trade off different sorts of outcomes
• Risky decisions: how to cope with uncertainty
• Subjectivity and bias: why we need help in making rational decisions
• Competition and cooperation: the application of game theory
• Problem structuring: describing complexity using soft systems and pattern languages

Learning Outcomes

• By the end of this module students will:
• have an in-depth understanding of the contribution that analytical decision methods (mainly, but not only, quantitative) can make to the solution of decision problems in business;
• have a critical appreciation of how to structure complex problems.

• By the end of this module students will:
• be able to formulate and solve models to assist management decision making.

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

• The module is delivered in discrete Units. These are designed to enable the learning outcomes to be achieved through a combination of specially written material, directed reading, reflection through self-assessed assignments and guidance for further reading. Module tutors provide feedback on formative work and are available for individual consultation as necessary (by email, telephone, post or fax).
• The written assignment will test students’ understanding of relevant concepts and their ability to apply and interpret what they have learned to the analysis of a particular issue in depth.

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment:

None.

■ Attendance at all activities marked with this symbol will be monitored. Students who fail to attend these activities, or to complete the summative or formative assessment specified above, will be subject to the procedures defined in the University's General Regulation V, and may be required to leave the University