Theoretical models of decision making
F Burstein
4 points
* 3 hours per week
* First semester
* Caulfield
*
Prerequisites: SYS1252; some knowledge of mathematics is desirable
Objectives At the completion of this subject students should know how to recognise situations requiring certain theoretical approaches and implement relevant decision-making models; understand the role of analysis and design techniques in decision support system applications; be able to apply suitable techniques for building a decision support system prototype from a descriptive model; and have broadened their view of the role of the rational decision-making approach in decision support.
Synopsis Understanding the nature of decision-making processes is crucial to the successful development of decision support systems (DSS). This subject will introduce students to the fundamental concepts and modern theories of decision making and problem solving. A wide variety of theoretical models appropriate for application in decision support systems will be studied. Students explore the basic methods of rational analysis through practical examples of decision-making situations, and examine some of the software tools available to support the DSS developer (this semester the Excel spreadsheet package will be used). Topics 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.
Assessment Examination (2 hours): 60%
* Practical work: 40%
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