040 624 FK Decision Analysis (Betriebswirtschaftliche Entscheidungen)

Lecturer: Andreas J. Novak (e-mail: andreas.novak@univie.ac.at,
www: http://homepage.univie.ac.at/andreas.novak)
Place/Time: Wednesday, 10.00-11.30, HS 8

Results

preliminary discussion:October 5^th

Dates: 5.10., 12.10., 19.10., 9.11., 16.11., 23.11., 30.11., 7.12., 14.12., 11.1., 18.1., 25.1.

The final exam will take place on January 25^th

Examples for next unit: 6.3, 6.4, 6.10, 6.11

Requirements: good basic knowledge of mathematics and statistics.

Registration: Computersystem UNIVIS, attendance in the 1^st unit obligatory.

Supporting material:
Folien/Slides: extended version of slides old slides in german multiobjective optimization
Collection of Exercises, Fallstudien/Case Assignments

Contents:

Introduction to Decision Analysis,
Alternatives and Principle of Dominance,
Decision under Ambiguity (Minimax, Maximax, Hurwitz-Kriterium, Minimax Regret, etc.),
Decision under Risk: (mu/sigma-decision rule, Bernulli-expected utility theory),
Value of Information,
Decisions with multiple criteria (MAUT, AHP)

Literature:

F. EISENFÜHR, M. WEBER: Rationales Entscheiden, Springer 1994,
E. KAHLE, Betriebliches Entscheiden, Oldenburg 1993,
H. LAUX, Entscheidungstheorie, Springer 1991,
J.Ch. POMEROL, S. BARBA-ROMERO, Multicriterion Decision in Management: Principles and Practice, Kluwer Academic Publichers, 2000.

Each unit consists of two parts. On one hand I try to explain the concepts of decision analysis theoretically, on the other hand students should present examples from the exercise book, which should have been prepared at home. The examples prepared at home are marked on a list at the beginning of the class.

Attention: In case it turns out that the student had not prepared the example at home, all examples marked on that day would not be taken into consideration for computing the percentage of prepared examples.

Grading is based on:

attending the classes regularily
percentage of prepared examples (max. score: 100, weight: 20%)
presentation of examples at the blackboard (max. score: 100, weight: 20%)
elaboration of 2 case studies in groups of 2 students, (about 5-10 pages per case study). (max. score: 100, weight: 20%)
Final exam (max. score: 100, weight: 40%)

Total score = weighted sum of individual scores
Grading Key:
                                         51-63 Points:   "genügend",
                                         64-75 Points: "befriedigend",
                                         76-87 Points: "gut",
                                         88-100 Points: "sehr gut".