Course Description
The course introduces the student to the methodology of decision making, as well as to the major models used today. The three major categories of models are covered: Linear and Integer Programming, Decision Analysis, and Multiple Criteria Decision Making. In each unit, the student is exposed to a number of applications, and has the opportunity to apply his/her knowledge to a number of problems and case studies. In addition to developing models, the student is exposed to a number of computer packages, most of them based on Excel, to use in order to solve the problems.
Learning Outcomes
Upon completion of this course, students will be able:
- to choose a systematic methodology of the decision making for complex decisions
- to consider the proper technique of decision making depending on the nature of the problem, the available data and the existing technology
- to produce the proper model that will describe the decision making problem
- to consider complex combinatorial optimization problems
- to apply tools of the new technology to make better decisions and producing the right strategies
- to evaluate with a systematic manner the impacts of alternative decisions and strategies