BUS 448 Strategic Decision Making Under Uncertainty
This course focuses on fundamentals of modern decision analysis and introduces modeling and computational methods that support strategic decision-making in areas, such as organizational management, business analysis, and policy-making. Contents are selected and integrated in a synergistic manner to help students develop modeling, computational, and analytical skills. As a result, students are able to transform a problem into a well-defined mathematical framework, solve models using a computer program, and interpret and translate results into insights for decision-making. Key topics include deterministic and network optimization, linear programming, characterizing uncertainty and risk to optimize decisions, payoffs and losses, utility and subjective probability, and Bayesian analysis. The above knowledge areas and methods can facilitate strategic decision-making related to selecting among investment alternatives, marketing a new product, healthcare policy, and costs and benefits.
Prerequisite
Effective January 1, 2021 (winter 21 term): prerequisite
BUS 426.