620-262 Decision-Making

Credit Points

Coordinator

Prerequisites

Mathematics and Statistics 620-261 (1997 Handbook 618-261).

Semester

Contact

Subject Description

Students completing this subject should comprehend

• the essential features of decision-making situations encountered in operations research investigations;
• what kind of practical problems have these features;
• a number of basic mathematical approaches to such situations;
• techniques used to solve decision-making situations represented by these approaches; the theoretical foundations of these techniques;

have developed the ability to

• to construct formal mathematical models for practical decision-making situations;
• solve a number of two-person games, including zero-sum and non-zero-sum games, cooperative and non-cooperative games;
• use linear programming and dynamic programming techniques in the solution of a number of multi-objective optimisation problems;
• evaluate rules for decision-making problems under strict uncertainty;

and appreciate

• the complexity of decision-making situations encountered in operations research investigations;
• the extent and limitations of a number of operations research techniques used to solve such problems;
• the important role that linear algebra and calculus play in the development of these techniques.

Decision analysis: a selection of topics in decision analysis, including single-stage and multi-stage decision models, in particular those using linear programs; zero-sum games; preference relations and optimisation; multi-criteria decision making; decision trees. Use of computer packages and Internet resources.

Assessment

Up to 24 pages of written assignments and a three-hour end-of-semester written examination.