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Risk Based Decision Making - SESC9231
 Students studying

   
   
   
 
Campus: Kensington Campus
 
 
Career: Postgraduate
 
 
Units of Credit: 6
 
 
EFTSL: 0.12500 (more info)
 
 
Indicative Contact Hours per Week: 3
 
 
Enrolment Requirements:
 
 
Prerequisite: ECON5203
 
 
Fee Band: 2 (more info)
 
 
Further Information: See Class Timetable
 
  

Description

This course introduces the basic techniques of modern decision analysis, which quantitatively evaluate the risks associated with making decisions in various disciplines. Influence diagrams and decision trees are introduced as methods for building mathematical models of decision problems, which are then analysed. Analysis involves an evaluation of options, modelling the uncertainty in these options and considering the influence of preferences and subjectivity in its results. Because models are only instruments aimed at assisting the decision-maker in making optimal decisions, the course also discusses the decision-maker’s attitude toward risk and looks at mechanisms to incorporate it in decision analysis models.
Nine of the twelve lectures are conducted through a combination of theoretical discussions and practical applications, which involve hands-on demonstrations using a suite of software. The range of practical applications is broad and includes examples from the manufacturing, environmental, financial and marketing fields.

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© The University of New South Wales (CRICOS Provider No.: 00098G), 2004-2011. The information contained in this Handbook is indicative only. While every effort is made to keep this information up-to-date, the University reserves the right to discontinue or vary arrangements, programs and courses at any time without notice and at its discretion. While the University will try to avoid or minimise any inconvenience, changes may also be made to programs, courses and staff after enrolment. The University may also set limits on the number of students in a course.