Theoretical models of decision making
F Burstein
4 points * 3 hours per week * Second semester * Caulfield * Prerequisites: SYS1252, Mathematics (VCE Change and Approximation or equivalent) * Prohibitions: BUS3502
This subject is designed to introduce students to the fundamental concepts and modern theories of decision making and problem solving. Theoretical models will be provided within a decision support context. The subject will equip students with a wide variety of methods appropriate for application in decision support systems. Students will be offered an opportunity to try the basic methods of rational decision making on the example situations and master relevant software packages, as well as to develop a decision support system prototype using one of the approaches from the given theory. Topics covered will include: formal definition of the decision-making situation and problem-solving process; decision making under uncertainty and risk; game theory models; group decision-making models and multi-criteria decision making. Content and depth of the syllabus may vary from time to time but mainly within the scope of the above topics.
Assessment
Examination (2 hours): 50% * Practical work: 50%