Course Details

Course Number: 95-760

Decision Making Under Uncertainty

Units: 6

Managers in general including information systems managers constantly make decisions, rarely with full information. This class teaches a range of quantitative methods for making practical decisions under uncertainty and in doing so gives an intense introduction into the art of mathematical modeling of business and social systems. The methods covered include optimization, forecasting, and Monte Carlo simulation. The emphasis will be on end user modeling that equips the students to use these methods for decisions in operations and management, but where appropriate may be extended to consider construction of decision support systems generally.

Learning Objectives:

1. Recognize opportunities to model difficult decision problems using linear optimization, network modeling, forecasting and simulation.
2. Learn how to apply these methodologies in a spreadsheet.
3. Discuss heuristics and biases in decision making.

Syllabus

Faculty:
Jonathan P. Caulkins
David Choi
Stephen F. Roehrig