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Management Decision Making |
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This course explores the business use of tools and processes that enhance corporate decision-making. The course presents the basics of decision analysis as applied to value-focused thinking, decision structuring with influence diagrams and decisions trees, modeling risk and uncertainty, sensitivity analysis, and efficient use of statistical decision making and heuristics. The objectives of this course are:
- To understand the key decision analysis concepts of problem structuring, value focused thinking, data analysis, decision modeling, probabilistic modeling, and sensitivity analysis.
- To use decision analysis software (DecisionTools) and Microsoft Excel to structure data, delineate alternatives and solve problems using influence diagrams and decision trees.
- To apply the decision analysis methodology and business models to analyze a decision-maker's alternatives.
- To clearly and concisely present the results of decision analysis to top management.
- To understand the impact of subjective factors and ethical considerations on decision making.
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