electiveHQ

Much of business decision-making has a common base, for example dealing with risk or identifying optimal levels of service to provide. Decision Analytics helps to develop an appreciation of these common structures. This becomes most helpful later in one's career as one moves into general management when it becomes important to have an ability to get a quick understanding of the dynamics of many different and apparently unstructured situations.The emphasis is on developing practical experience in solving business analytics problems by means of real decisions. We include techniques such as Expected Value of Perfect information, Markov Processes and Multi-Criteria Decision Making.The course also includes elements of “Behavioural Decision Making” which is an academic discipline which seeks to apply the insights of psychologists to our decision making. The course readings provide many examples of how decision making is not always driven by “rational” consideration but by aspects of personal and market psychology. This module will provide us with the ground work to recognise our biases and errors of judgements, and make better decisions in the future.