Quantitative Decision Making

Course NameQuantitative Decision Making
Course CodeMTH320
DescriptionThe course presents the quantitative methods used for making managerial decisions emphasizing the application in marketing. The course is aimed to develop critical and analytical approach to decision making, which is particularly important in the current changing, hence uncertain environment. The class points out the typical problems in decision making (drawing on behavioral economics and psychology) to emphasize the importance of analytical and conceptual approach. The class illustrates theoretical models on practical cases and problems, using computer software and applications. The topics covered include: forecasting and statistical analysis, game theory, decision analysis and decision making under uncertainty, network analysis, and introduction to linear programming.
Learning OutcomesUpon completion of this course, students will be able to:
– Be aware of the importance of analytical and critical approach to decision making, explain the benefits of analytical approach;
– Demonstrate familiarity with standard problems in decision making and data interpretation;
– Employ quantitative methods and techniques to make decisions (identify the problem, select the correct model, interpret and present results, and make the decision);
– Work with computer applications to make decisions.
SchoolSchool of Business Administration (SBA)
Number of credits (US / ECTS)3 US / 6 ECTS
PrerequisitesMGT245; MTH190; MTH222