Decision-Making under Uncertainty (VS1) (U02321)

? Credit Points : 20 ? SCQF Level : 10 ? Acronym : MSE-3-DMU-VS-S1

Methods for decision making under uncertainty: topics from stochastic programming, probabilistic dynamic programming, Markov processes and decision theory, with applications.

Entry Requirements

? This course is only available to part year visiting students.

? This course is a variant of the following course : BS0021

? Pre-requisites : Management Science and Information Systems (BS0035).

Subject Areas

Home subject area

Business Studies, (Management School and Economics, Schedule H)

Delivery Information

? Normal year taken : 3rd year

? Delivery Period : Semester 1 (Blocks 1-2)

? Contact Teaching Time : 2 hour(s) per week for 10 weeks

All of the following classes

Type	Day	Start	End	Area
Lecture	Tuesday	16:10	18:00	Central

Summary of Intended Learning Outcomes

Objectives/Learning Outcomes

Knowledge & Understanding
On completion of the course students should:
a) be able to discuss critically the practical use of the techniques covered;
b) be able to use the modelling techniques covered to structure management problems;
c) be able to solve models built using the techniques covered;
d) be able to make inferences about a management problem based on the solution of a model built using the techniques covered.

Cognitive Skills
On completion of the course students should:
a) demonstrate that they can identify which of the techniques covered is most suitable for a management problem;
b) demonstrate that they can discuss the results of their analysis of a management problem in written reports.

Key Skills
On completion of the course students should:
a) demonstrate that they can build and analyse a model of a real world management problem involving uncertainty;
b) demonstrate their ability to apply their computer skills to support the analysis of a management problem involving uncertainty;
c) demonstrate that they can present the findings of a quantitative analysis in a concise written report.

Subject Specific Skills
On completion of the course students should:
a) have developed their modelling skills.