Please note! Course description is confirmed for two academic years (1.8.2018-31.7.2020), which means that in general, e.g. Learning outcomes, assessment methods and key content stays unchanged. However, via course syllabus, it is possible to specify or change the course execution in each realization of the course, such as how the contact sessions are organized, assessment methods weighted or materials used.

LEARNING OUTCOMES

Management Science deals with the use of analytical models to help make better business decisions. This course focuses on models for supporting decision making under uncertainty, risk and multiple objectives. After the course the student can (i) recognize the types of real-life business problems where use of the models brings added value, (ii) interpret results of these models to derive defensible decision recommendations, and (iii) build and solve these models using a computer to support business decision making.

Credits: 6

Schedule: 11.01.2021 - 22.02.2021

Teacher in charge (valid 01.08.2020-31.07.2022): Eeva Vilkkumaa

Teacher in charge (applies in this implementation): Eeva Vilkkumaa

Contact information for the course (applies in this implementation):

CEFR level (applies in this implementation):

Language of instruction and studies (valid 01.08.2020-31.07.2022):

Teaching language: English

Languages of study attainment: English

CONTENT, ASSESSMENT AND WORKLOAD

Content
  • Valid 01.08.2020-31.07.2022:

    Monte Carlo simulation, decision trees, value of information, expected utility theory, risk attitudes, stochastic dominance, risk measures, multi-attribute utility/value theory, modelling uncertainties and multiple objectives in optimization problems.

Assessment Methods and Criteria
  • Valid 01.08.2020-31.07.2022:

    Assignments 50%, exam 50%.

Workload
  • Valid 01.08.2020-31.07.2022:

    Contact teaching 36h, individual work 121h, exam 3h.

DETAILS

Study Material
  • Valid 01.08.2020-31.07.2022:

    Lecture slides, articles, assignments, computer implementations of mathematical models, and the textbook (An Introduction to Management Science by Anderson et al., 2014, ISBN Code: 978-1-111-82361-0).

Substitutes for Courses
  • Valid 01.08.2020-31.07.2022:

    Substitutes course 30E02000 Business Decisions 2

Prerequisites
  • Valid 01.08.2020-31.07.2022:

    Courses 30A01100 Taulukkolaskenta ja analytiikka (Spreadsheet computation and analytics), 30A02000 Tilastotieteen perusteet (Introduction to statistics), and 30A03000 Talousmatematiikan perusteet (Introduction to business mathematics). Courses 30C00600 Tilastotieteen jatkokurssi (Continuation course in statistics) and 27C01000 Business Analytics 1 are highly recommended. Equivalent studies in mathematics/statistics from another school/university are also acceptable.

SDG: Sustainable Development Goals

    8 Decent Work and Economic Growth

    9 Industry, Innovation and Infrastructure

FURTHER INFORMATION

Description

Registration and further information