Course Information Undergraduate prospectus

Mathematics of Decision Making

Course summary

Course code: STAT1016
Level: 6
Credits: 15
School: Architecture, Computing and Hums
Department: Mathematical Sciences
Course Coordinator(s): Vitaly Strusevich

Specification

Pre and co requisites

Operational Research.

Aims

To advance students' knowledge of the general theory of decision analysis in organisations and businesses.
To provide an understanding of the complex problems occurring in practical decision-making and methods for their solution.

Learning outcomes

On successful completion of this course a student will be able to:

1. Facilitate a multi-stage decision making by means of dynamic programming;
2. Handle multi-objective s decision making by means of goal programming;
3. Formulate and solve matrix, bimatrix and n-person games;
4. Formulate and solve decision theory problems under uncertainty;
5. Formulate and solve multi-criteria, multi-utility decision making problems

Indicative content

Dynamic Programming. Goal programming. Matrix games and bimatrix games (pure and mixed strategies). Cooperative games (the core, Shapley value). Decision criteria, utility theory, decision trees (including Bayes' Theorem). Multi-attribute utility theory. Analytic hierarchy process. Microsoft Excel as a software tool for solving decision making problems.

Teaching and learning activity

Concepts are introduced in the lectures and reinforced in tutorials and by courseworks. Students are expected to conduct a considerable amount of independent study under the lecturer’s guidance.

Assessment

Summative Assessment:
Coursework 1 - 50%
An individual coursework assessing learning outcomes 1-3.

Coursework 2 - 50%
An individual coursework assessing learning outcomes 4 and 5.

Formative assessment: Weekly tutorial exercises