Not available in 2013
Previously offered in 2005, 2004
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.
|Objectives||1. 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.
|Content||The 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.
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.
|Assumed Knowledge||Introductory Statistics at 1000 level HSC Mathematics or equivalent.|
|Modes of Delivery||Distance Learning : IT Based
|Contact Hours||Lecture: for 3 hour(s) per Week for 13 weeks
Computer Lab: for 1 hour(s) per Week for 13 weeks