151-0428/01 – Managerial Decision Methods (MRR)
Gurantor department | Department of Mathematical Methods in Economics | Credits | 4 |
Subject guarantor | doc. Ing. Václav Friedrich, Ph.D. | Subject version guarantor | doc. Ing. Václav Friedrich, Ph.D. |
Study level | undergraduate or graduate | Requirement | Choice-compulsory |
Year | | Semester | winter |
| | Study language | Czech |
Year of introduction | 2010/2011 | Year of cancellation | 2022/2023 |
Intended for the faculties | EKF | Intended for study types | Bachelor |
Subject aims expressed by acquired skills and competences
- Students will learn the basic concepts of decision theory and game theory.
- Students will beable to design simple models of decision making under certainty, risk and uncertainty.
- Students will be able to compile and describe the solution of selected economic problems using basic methods of decision-making and management.
- Student will be able to solve decision problems using tools in MS Excel spreadsheet, and the FICO XPress IVE software.
Teaching methods
Seminars
Experimental work in labs
Project work
Summary
The importance of mathematical methods for improving managerial decision-making is widely known. For many practical experiences it is clear that the appropriate application of these methods can achieve important economic outcomes, and thus significantly contribute to quality managerial decisions at the micro, mezzo and macro levels.
The course objective is to give the student the opportunity to gain an idea of the importance and possibilities of decision-quantitative methods in economics, especially in terms of their application in managerial decision making. There is no order for a student to become a leading expert in the application of mathematical methods, but to gradually gained practical knowledge, which will facilitate solutions to a number of decision problems of the regional economy and other areas to be able to judge when to use which method, to know its principles and options, and know how to make the best results obtained and used effectively.
Courses with similar contents in English often called Decision Making Methods, or Management Science as well, which only emphasizes the fact that it was a management decision for the manager are basic methods of work that deserves to be studied as a separate scientific discipline.
Compulsory literature:
Recommended literature:
Way of continuous check of knowledge in the course of semester
The study control is ensured by the activities in eLearning environment (LMS Moodle). Each thematic tutorial is finished by the following correspondence task. The theoretical part of the course is covered by the self-test.
Student must reach at least 45 points of all the tasks.
E-learning
The eLearning course of this subject can be found in LMS Moodle (http://lms.vsb.cz). Students logged on to the subject in Edison are automatically enrolled in this course in LMS Moodle.
Other requirements
The course assumes only high school knowledge of mathematics and computer science and general knowledge of basic economics.
Prerequisities
Subject has no prerequisities.
Co-requisities
Subject has no co-requisities.
Subject syllabus:
The subject "Management methods and decision-making" is designed for distance form of education using e -learning support for self-study. Organized teaching is concentrated in three seminars for 4 lessons.
Needed software: Microsoft Excel, XPress IVE (students version).
Study materials for all topics are available on the Internet (Moodle CMS) in PDF format or as a data file.
Syllabus of tutorials:
1 Basic concepts of decision theory, continuous models of decision making
2 method of decision making under risk and uncertainty
3 Multicriteria decision models
Conditions for subject completion
Occurrence in study plans
Occurrence in special blocks
Assessment of instruction