Decision Making

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