LEARNING OUTCOMES
Management Science uses analytical models to help make better business decisions. This course focuses on models for supporting decision making under uncertainty, risk and multiple objectives. After taking the course the student can (i) recognise the types of real-life business problems where the use of models adds value, (ii) interpret results of these models to derive defensible decision recommendations, and (iii) build and solve these models computationally, using spreadsheet models and programming scripts, to support business decision making.
Credits: 6
Schedule: 08.01.2025 - 17.02.2025
Teacher in charge (valid for whole curriculum period):
Teacher in charge (applies in this implementation): Ilkka Leppänen
Contact information for the course (applies in this implementation):
CEFR level (valid for whole curriculum period):
Language of instruction and studies (applies in this implementation):
Teaching language: English. Languages of study attainment: English
CONTENT, ASSESSMENT AND WORKLOAD
Content
valid for whole curriculum period:
Simulation, decision trees, value of information, expected utility theory, risk attitudes, stochastic dominance, risk measures, multi-attribute utility theory, modelling uncertainty and multiple objectives in optimisation problems.
Assessment Methods and Criteria
valid for whole curriculum period:
Coursework and exam
Workload
valid for whole curriculum period:
Contact teaching, individual coursework, exam
DETAILS
Study Material
valid for whole curriculum period:
Lecture slides, articles and web resources, assignments, computer implementations of mathematical models, textbook (An Introduction to Management Science by Anderson et al., 2022 or older editions).
Substitutes for Courses
valid for whole curriculum period:
Prerequisites
valid for whole curriculum period:
FURTHER INFORMATION
Further Information
valid for whole curriculum period:
Teaching Language: English
Teaching Period: 2024-2025 Spring III
2025-2026 Spring III