Decision-Making is one of the most important functions of management. Today’s business environment is characterized by high competition, constant changes, extensive globalization, large availability of data and information, and the huge penetration of information and telecommunications technology. In this environment, decision making is increasingly based on the use and analysis of data, through the development of “models”, and the use of user-friendly, PC-based computer packages.
This is what this course is all about. The emphasis of the course will be on understanding and formulating complex problems, as they appear in today’s business environment, developing the appropriate decision models, and using them for effective decision making.
The course introduces the student to the methodology of decision making, as well as to the major models used today. The three major categories of models are covered: Linear and Integer Programming, Decision Analysis, and Simulation. In each unit, the student is exposed to a number of applications, and has the opportunity to apply his/her knowledge to a number of problems and case studies. In addition to developing models, the student is exposed to a number of computer packages, most of them based on Excel, to use in order to solve the problems.