Decision Analysis for Management

Course	T-603-AKVA
Semester	20241
ETCS	6
Core	No

Year	1. year
Semester	Spring 2024
Level of course	3. First cycle, advanced
Type of course	Elective
Prerequisites	T-302-TOLF, Statistics I
Schedule	Runs for 12 weeks - 3 lectures and 2 problem solving classes each week.
Lecturer	Þórður Víkingur Friðgeirsson
Content
The general learning outcome is to be able to use structured methods to increase the quality, risk awareness and professionalism in decision making when uncertainty is attached to the outcome and best option.This will be aquired by the following :1.       The use of applied statistics in decision analysis.2.       The major methods and procedures of decision analysis ea SMART, decision trees, Bayes rule, Monte Carlo simulation, value of information, utility theory, forecasting, NPV etc.3.       A study on decision fallacies and cognitive biases.4.       A study of basic decision models.5.       The methods of group work, negation skills and authentic leadership.
Learning outcome - Objectives
Course assessment
Reading material
No reading material found.
Teaching and learning activities
Language of instruction	Icelandic