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Management Decision Making Assignments
In this unit, tools and models applied to analysing managerial decisions are introduced. Emphasis is placed on making business management decisions through using formal decision techniques.
The key objectives are to enable the decision maker to realise the effectiveness of using decision models to understand how decisions are structured; to evaluate how sensitive decisions are to varying decision parameters; to measure the worth of data; to measure impacts according to risk attitudes; and to apply subjective probabilities when undertaking risk measurement. Also discussed is how informal interpretations are used to make formal decisions.
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