This is an archived handbook for a previous year. The current undergraduate and postgraduate handbooks can be viewed using the links above.
Postgraduate Handbook 2012-2013 (archived)
Module BUSI42M15: Models for Decision
Department: Business School (Business)
BUSI42M15: Models for Decision
| Type | Level | Credits | Availability | Module Cap | Location |
|---|---|---|---|---|---|
| Tied | 4 | 15 | Available in 2012/2013 | None. | Durham |
Tied To
- N1K307: Entrepreneurship (full time) (see Postgraduate Handbook 2011-2012 for details)
- N1K507: Human Resource Management (full time) (see Postgraduate Handbook 2011-2012 for details)
- N1K607: Management (full time) (see Postgraduate Handbook 2011-2012 for details)
- N1K807: Marketing (full time) (see Postgraduate Handbook 2011-2012 for details)
- N1KL07: Financial Management (see Postgraduate Handbook 2011-2012 for details)
Pre-requisites
- None
Corequisites
- None
Excluded Combinations
- None
Aims
- To introduce students to a range of specialised tools commonly used to assist decision making
- To promote a critical awareness of the use and limitation of these tools
Content
- Uncertainty & risk: decision rules for uncertainty; risk and probability; decision trees; correlated risk and portfolio models
- Forecasting using simple time series: decomposition; estimation & forecast
- Decisions with tradeoffs: structure, dominance; value functions; finding weights; further methods (e.g. goal programming); sensitivity
- Optimisation: LP, graphical explanation, objectives and constraints; using SOLVER; the transportation and other allocation problems
- Game Theory: an introduction; two player games; zero and non-zero sum games
Learning Outcomes
Subject-specific Knowledge
- Specialised knowledge of the key concepts in:
- risk forecasting
- making tradeoffs (multiattribute modelling)
- linear optimisation
- game theory
Subject-specific Skills
- Have the ability to:
- use and apply specialised quantitative models as aids to decision making
- identify sources of risk and uncertainty
- apply probability estimates to help in assessing risk
- make time-series forecasts
- structure problems involving the choice between alternatives, each characterised by a number of attributes
- structure linear optimisation problems and use SOLVER for their solution
- identify the nature of the interaction between decision makers using ideas from game theory
Key Skills
- Written communication; planning, organising and time management; problem solving and analysis; interpretation of data; computer literacy
Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module
- Learning outcomes will be met through a combination of lectures, seminars and practical work, supported by guided reading. The summative assessment will comprise a written examination to test knowledge of key concepts and quantitative techniques, and a project to test students’ ability to apply those techniques in a specific business context.
Teaching Methods and Learning Hours
| Activity | Number | Frequency | Duration | Total Hours | Attendance Monitored |
|---|---|---|---|---|---|
| Lectures | 9 | 2 hours | 18 | ||
| Seminar/practical classes | 4 | 1 hour | 4 | ||
| Preparation & Reading | 128 | ||||
| Total | 150 |
Summative Assessment
| Component | Component Weighting | Element | Length/Duration | Element Weighting | Resit Opportunity |
|---|---|---|---|---|---|
| Project | 50% | Project requiring the application of quantitative techniques in a specific business context | 1,500 words maximum | 100% | |
| Examination | 50% | Written examination | 90 minutes | 100% |
Formative Assessment
Weekly exercises
Students who do not attend monitored activities shown under Teaching Methods
and Learning Hours, or who fail to complete the summative or formative
assessment(s) specified above, may be subject to the Academic Progress
procedures defined in the University's General Regulation V, and may be
required to leave the University.