Decision Analysis

Course code STAT2070Units 10Level 2000Faculty of Science and Information TechnologySchool of Mathematical and Physical Sciences

Introduces techniques for decision making in the face of uncertainty and/or risk. Examples are drawn generally from business and commercial contexts. Students will complete a small project applying decision analysis methods to real problems.

Enrolment For Distance Learning requires permission from the Head of the Discipline of Statistics.

Not available in 2015

Objectives1. To provide students with an understanding of decision making in processes incorporating randomness in practical business situations.
2. To provide the theoretical and practical tools required to make decisions under uncertainty and/or risk.
ContentThe course will equip students to utilise the range of technical tools available to the contemporary Information Systems professional, by being able to:
1.Conduct simulations of problems, such as in financial risk analysis, using stochastic ("Monte Carlo") methods.
2.Understand some basic properties of queues and their relevance to Business, Commerce and Finance.
3.Use several approaches to forecasting and have applied each in simple but real contexts.
4.Provide written reports detailing specific courses of action based on the analysis of a problem involving uncertainty and/or risk in the decision making process.

Topics include:
1.Monte-Carlo Simulation.
2.Decision Analysis: Decision-making under certainty, Decision-making under risk, Decision-making under uncertainty.
3.Introduction to Probabilistic Inventory Models.
4.Introductory Queueing Theory.
Replacing Course(s)n/a
Industrial Experience0
Assumed KnowledgeIntroductory Statistics at 1000 level HSC Mathematics or equivalent.
Modes of DeliveryDistance Learning : IT Based
Internal Mode
Teaching MethodsLecture
Computer Lab
Assessment Items
Examination: Formal
Other: (please specify)Homework
Contact HoursLecture: for 3 hour(s) per Week for 13 weeks
Computer Lab: for 1 hour(s) per Week for 13 weeks