IE 401 – Decision Analysis

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IE 401 – Decision Analysis; Weekly hours: 2+1, ECTS: 6
We live in a fast changing society where analysis is of paramount importance.  Our hope is to help students solve pressing problems in our organizations and society.  Good decisions based on a systematic consideration of all relevant factors and stakeholder opinions and values lead to good outcomes, both for those involved in the decision making process, and for the customers who are directly impacted by the consequences and effects of such decisions.  At the conclusion of the course participants should be able to: Structure decisions; Measure preferences; Quantify uncertainty; Analyze conflict; Generate new options; Build mathematical models of decisions. Students are expected to use subjective opinions of experts to construct analytical models that could help managers make important organizational decisions. Introduction to Decision Analysis; Decision making under uncertainty; Minimax, Maximin, Minimax Regret Criterion, Expected-Value Criterion; Decision tree analysis; Utility Theory; Influence Diagrams; Analytical Hierarchy Process (AHP); TOPSIS Method; ELECTRE Method; Weighted Produce Model (WPM), Weighted Sum Model (WSM); Data Envelopment Analysis (DEA); Group Decision Method with real world application; Goal Programming; Case Studies.