MGMT 316
Decision Modelling for Managers
An examination of selected managerial problem structuring methodologies and analytic approaches to decision-making, emphasising an applied computer-oriented approach, and the development of decision-making, problem-solving and judgmental skills, particularly for situations involving risk and uncertainty. The course involves the development of algorithms and building of computer models.
About this course
The course guides students through the processes of identifying and framing managerial decision problems, developing a range of models to gain insight into the decision problem, evaluating these models and making recommendations for actions to be taken. It requires the development and use of both quantitative and qualitative decision-making tools. The course is taught in a computer laboratory setting to facilitate the use of computer tools including Excel and R in both instructional and self-learning cases.
Course learning objectives
Students who pass this course should be able to:
1. Interpret major frameworks, approaches, concepts and conceptual vocabulary relevant to decision modelling for managers
2. Critically analyse different frameworks and modelling approaches and use them to enhance decision making capabilities
3. Identify key elements of managerial decision situations, and develop robust solutions through decision modelling
4. Understand the importance of critical analysis and critical assessment of decision models and the outcomes of decision modelling outcomes of decision modelling
5. Understand the importance of leadership in setting managerial problem-solving objectives and decision criteria as a basis for decision and policy modelling
6. Communicate clearly in written, diagrammatic and oral form. a critical assessment of decision models and the outcomes of decision modelling
7. Recognise ethical and social responsibility issues related to decision and policy modelling
How this course is taught
This course is optimised for on campus learning and you are encouraged to participate in the learning activities synchronously. The course can also be completed online if required. Lectures will be delivered on campus. Lecture recordings will be available. There will be on campus and online tutorial/workshop options. Tutorials/workshops provide hands-on support and guidance to facilitate use of the modelling skills ands software tools used in the class. It is strongly recommended that students less familiar or confident in the use of the tools attend these workshops in person.
Lecture recording release setting: Universal access - recordings fully available for the trimester. Lecture recordings are intended as a useful supplement to learning but not as a full substitute for lecture attendance.
Assessment
Data Presentation and Forecasting case
Type: Individual Mark: 40%
Decision Analysis and Risk Management case Mark: 25%
Simulation case Mark: 15%
Critical Essay Mark: 20%