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Managerial Decision Making
UoS Code ECMT2630
Credit points 6
Offered Semester 1
Prerequisites ECMT1010 or ECOF1010
Corequisites
Prohibitions ECMT2730
Assumed Knowledge
Additional Information
Lectures 3 hrs per week
Assessment Assignments; Class Tests; Final exam
Description The course is focused on economic and statistical models of decision analysis and their application in large and small business settings, as well as in a public policy framework. It will be shown how use of the models can improve the decision process by helping the decision-maker understand the structure of the decision; incorporate subjective probabilities as a way to portray risk; measure outcomes in a way that is consistent with attitudes toward risk; and understand the value of information. The importance of sensitivity analysis will be emphasised, as well as the need to combine both quantitative and qualitative considerations in decision-making. Cases will be drawn from small business scenarios, the public policy arena, and corporate settings.