School Of Computing, Engineering And Mathematics

Principles and Practice of Decision MakingWestern Sydney University Unit Code: 300671.2


Student Contribution Band: 2

Level: 3

Credit Points: 10

Assumed Knowledge
200192 Statistics for Science or 200032 Statistics for Business or 200263 Biometry and 200189 Concepts of Mathematics and 300606 Foundations of Statistical Modelling and Decision Making

Equivalent Units
200043 - Stochastic Decision Theory, 200035 - Decision Analysis and Statistical Process Control

About this Unit
This Level 3 unit investigates models for making optimal decisions under conditions of uncertainty and presents a number of relevant quantitative techniques. Topics covered include probabilistic and non probabilistic decision making criteria, decision trees, sensitivity analysis, using utility for decision making and risk analysis, inventory management, queuing analysis, and introduction to simulation.

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