Module BUSI56815: APPROACHES TO DECISION MAKING (DL)

Department: Economics, Finance and Business (Business)

BUSI56815: APPROACHES TO DECISION MAKING (DL)

Tied To

• N1D217: Business Administration (Finance) (Distance Learning) (For students entering before August 2007) (see Postgraduate Handbook 2011-2012 for details)
• N1D314: Business Administration (Distance Learning) (For students entering before August 2007) (see Postgraduate Handbook 2011-2012 for details)
• N1D317: Business Administration (Distance Learning) (For students entering before August 2007) (see Postgraduate Handbook 2011-2012 for details)

Pre-requisites

Corequisites

Excluded Combinations

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.