Decision Making (MAST30022)

Undergraduate level 3Points: 12.5On Campus (Parkville)

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Overview

Availability
Semester 2
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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: 21 January 2025

Eligibility and requirements

Prerequisites

Code Name Teaching period Credit Points
MAST20018 Discrete Maths and Operations Research
Semester 2 (On Campus - Parkville)
 12.5

and one of

Code Name Teaching period Credit Points
MAST20004 Probability
Semester 1 (On Campus - Parkville)
 12.5
MAST20006 Probability for Statistics
Semester 1 (On Campus - Parkville)
 12.5

Corequisites

None

Non-allowed subjects

None

Inherent requirements (core participation requirements)

The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.

Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home

Last updated: 21 January 2025

Assessment

Additional details

Three or four written assignments due at regular intervals during semester amounting to a total of up to 50 pages (20%), and a 3-hour written examination in the examination period (80%).

Last updated: 21 January 2025

Dates & times

  • Semester 2
    Principal coordinatorMark Fackrell
    Mode of deliveryOn Campus (Parkville)
    Contact hours3 x one hour lectures per week, 1 x one hour practice class per week
    Total time commitment170 hours
    Teaching period24 July 2017 to 22 October 2017
    Last self-enrol date 4 August 2017
    Census date31 August 2017
    Last date to withdraw without fail22 September 2017
    Assessment period ends17 November 2017

    Semester 2 contact information

    Email: fackrell@unimelb.edu.au

Time commitment details

Estimated total time commitment of 170 hours

Last updated: 21 January 2025

Further information

  • Texts

    Prescribed texts

    There are no specifically prescribed or recommended texts for this subject.

  • Subject notes

    This subject is available for science credit to students enrolled in the BSc (both pre-2008 and new degrees), BASc or a combined BSc course.

  • Related Handbook entries

    This subject contributes to the following:

    TypeName
    Informal specialisationOperations Research / Discrete Mathematics
    Informal specialisationScience-credited subjects - new generation B-SCI and B-ENG.
    Informal specialisationSelective subjects for B-BMED
  • Breadth options

    This subject is available as breadth in the following courses:

  • Available through the Community Access Program

    About the Community Access Program (CAP)

    This subject is available through the Community Access Program (also called Single Subject Studies) which allows you to enrol in single subjects offered by the University of Melbourne, without the commitment required to complete a whole degree.

    Please note Single Subject Studies via Community Access Program is not available to student visa holders or applicants

    Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.

  • Available to Study Abroad and/or Study Exchange Students

    This subject is available to students studying at the University from eligible overseas institutions on exchange and study abroad. Students are required to satisfy any listed requirements, such as pre- and co-requisites, for enrolment in the subject.

Last updated: 21 January 2025