Managers who participate in decision making processes need to be able to present and defend the structure of their reasoning and analyses in a clear and compelling way. This increasingly requires the use of data and quantitative models. This course introduces students to various ways of thinking structurally about decision problems, and to use limited information and historical data to make informed management decisions. Much of the material presented in the course will be discussed in the context of real-life business cases.
The course covers key concepts, frameworks, and approaches needed to conduct a decision and risk analysis. These include ways of formalising and modelling different aspects of decisions and risks, and the use of sensitivity, Monte-Carlo simulation, and scenario analyses. The course also familiarises students with the concepts of risk, real option and uncertainty and how to use these in the decision making process. Students will learn how to apply these different concepts, frameworks, and approaches using various decision making add-ons in Excel (e.g. @Risk, Solver, PrecisionTree).
Students will be trained in the use of key decision-analysis and risk- analysis tools and approaches. At the end of the course, students will be able to:
- conceptualise and present real-life business decisions in a formal, structured way;
- solve decision making problems as optimisation problems;
- identify, assess, and manage risks and uncertainties in decision making;
- appreciate the value of flexibility and real options.
- Course: Monday and Thursday 14:00 – 17:00 hrs, December 4th – December 21st 2017
- Exam: 14:00 – 17:00 hrs, January 8th 2018
Mode of instruction
7 3 hour seminars
To be decided
Students can register for the course in uSis. Click here for instructions.
Registration Studeren à la carte and Contractonderwijs
Registration Studeren à la carte via: www.hum.leidenuniv.nl/onderwijs/alacarte
Registration Contractonderwijs via: http://www.hum.leidenuniv.nl/onderwijs/contractonderwijs/