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Decision Making (MAST30022)

Undergraduate level 3Points: 12.5On Campus (Parkville)

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Overview

Year of offer2017
Subject levelUndergraduate Level 3
Subject codeMAST30022
Campus
Parkville
Availability
Semester 2
FeesSubject EFTSL, Level, Discipline & Census Date

This subject introduces the essential features of decision-making techniques encountered in operations research, management, industry, business and economics. It shows how to construct formal mathematical models for practical decision-making as encountered in two-person games, multi-objective optimisation problems, stochastic decision problems, group decision and social choice, and decision-making under uncertainty. It shows students further uses of linear programming and introduces dynamic programming techniques.

Intended learning outcomes

On completion of this subject, students should be able to

  • construct mathematical models for practical decision-making problems;
  • solve two-person games by using linear programming, including zero-sum and non-zero-sum games, cooperative and non-cooperative games;
  • use decision tree and dynamic programming techniques in solving multi-objective optimisation problems;
  • solve decision-making problems using utility theory;
  • understand the complexity of group decision and social choice problems together with possible approaches;
  • solve stochastic decision problems using techniques from probabilistic dynamic programming and Markov decision processes.

Generic skills

In addition to learning specific skills that will assist students in their future careers in science, they will have the opportunity to develop generic skills that will assist them in any future career path. These include:

  • problem-solving skills: the ability to engage with unfamiliar problems and identify relevant solution strategies;
  • analytical skills: the ability to construct and express logical arguments and to work in abstract or general terms to increase the clarity and efficiency of analysis;
  • collaborative skills: the ability to work in a team;
  • time-management skills: the ability to meet regular deadlines while balancing competing commitments.

Last updated: 15 July 2017