Objectives and competences
To understand the selected decision analysis methods.
To know how to research with the selected decision analysis methods.
To know how to determine, evaluate, develop and use adequate methodology for defining and structuring holistic business decision problems.
To be aware of the complexity of situations and processes and research them with the decision analysis methods.
To determine, evaluate, apply, adapt and develop adequate multi-criteria decision making methods for individual and group problem solving in business practice.
To determine, evaluate, apply, adapt and develop adequate decision analysis approaches for business decision making at risk and uncertainty.
Content (Syllabus outline)
Problem Structuring Methods
- Methods for problem definition
- Cognitive Mapping, Strategic Options Development and Analysis
- Strategic Choice Approach
- Problem structuring with factor analysis
Multi-criteria decision-making methods
- An overview of multi-criteria methods
- Multi-criteria value measurement
- The determination of criteria's importance, interactions among criteria’s importance (additive model, types of interactions, multiplicative model, Choquet integral)
- The Analytic Hierarchy Process
- Group decision-making
- The Analytic Network Process (Networks, Dependence and Feedback)
- Preference Programming
Modeling risk and uncertainty (decision trees and influence diagrams)
Applications of the considered methods and approaches in economic and business practice (multi-criteria measurement of social responsibility, environmental creditworthiness, well-being, consumer preferences, modeling consumer behavior, for the selection of the investment portfolio…)
Learning and teaching methods
Lecturing.
Case studies.
Active research work, discussion.
Problem solving.
Intended learning outcomes - knowledge and understanding
Development of Knowledge and Understanding
The learner
? Knowledge base: has great depth and systematic understanding of decision analysis in business sciences to define, differentiate, select and adapt: problem structuring methods, multi-criteria decision making and modelling risk and uncertainty. Can work with research knowledge at the forefront of the discipline when researching social and economic phenomena and in business decision making at publication quality
? Ethical issues: can analyse and manage the implications of ethical dilemmas in problem structuring and considering interactions among criteria, and can work pro-actively with others to formulate solutions in group problem solving.
? Disciplinary methodologies: has a comprehensive understanding of the above described selected techniques and methodologies of decision analysis in defining and structuring business decision problems, adapting and development of these methodologies and techniques, researching social and economic phenomena and in business decision making (particularly research-based).
Cognitive and Intellectual Skills
The learner:
? Analysis: with critical awareness, can undertake analysis, managing complexity, or contradictions among criteria in decision analysis.
? Synthesis: can synthesise approaches, in a manner that can contribute to the adaptation and development of methodologies of decision analysis in practical problem situations, particularly in applications of the considered methods and approaches in economic and business practice.
? Application: can act independently and with originality in problem solving.
Intended learning outcomes - transferable/key skills and other attributes
Key / Transferable Skills
The learner:
? Group working: can lead and work effectively with group. Can define and structure holistic business decision problems and handling conflict with confidence.
? Learning resources: is able to use full range of learning resources.
? Management of information: can undertake innovative research tasks competently and independently.
? Autonomy: is independent and self-critical as learner; can manage own continuing professional development.
? Communication: can communicate complex information clearly and effectively to specialists and non-specialists, understands lack of understanding in others. Can act as a recognised and effective consultant.
? Problem solving: can continue own professional study independently. Can think creatively. Has capacity of quantitative and qualitative assessment.
Practical Skills
The learner:
? Application of skills: can operate in complex and unpredictable / specialised contexts that may be at the forefront of researching of social and economic phenomena and in business decision making. Can develop, adapt and apply analytical tools in business practice.
? Autonomy in skill use: can act in a professional capacity for self / others, with responsibility and largely autonomously and with initiative in complex and unpredictable situations.
Readings
Obvezna (Compulsory):
Zopounidis, C., & Pardalos, P.M. (ur.). (2010). Handbook of Multicriteria Analysis. Berlin Heidelberg: Springer-Verlag. (izbrana poglavja).
Dodatna (Additional):
Ehrgott, M., Figuiera, J. R., & Greco, S. (ur.). (2010). Trends in Multiple Criteria Decision Analysis. New York, Dordrecht, Heidelberg, London : Springer . (izbrana poglavja)
Nutt, P. C., & Wilson, D. C. (ur.). (2010). Handbook of Decision Making. Chichester: John Wiley & Sons, Ltd. (izbrana poglavja)
Rosenhead, J., & Mingers, J. (ur). (2001). Rational Analysis for a Problematic World Revisited: Problem Structuring Methods for Complexity, Uncertainty and Conflict (2. izd.). Chichester: John Wiley & Sons, Ltd. (izbrana poglavja).
Köksalan, M., Wallenius, J., & Zionts, S. (2011). Multiple criteria decision making: from early history to the 21st century. Singapore: World Scientific, Singapore.
Izbrani aktualni znanstveni članki iz revij, namenjenih razvoju in raziskavam na področju metod odločitvene analize v ekonomskih in poslovnih vedah, predvsem: / Selected articles in the journals for the development and the research of decision analysis methods in business and economics, particularly:
Journal of multi-criteria decision analysis. Wiley.
Decision analysis. Institute for Operations Research and the Management Sciences.
Risk and decision analysis. IOS Press.
Central European journal of operations research. Springer.
Management science. Institute for Operations Research and the Management Sciences.
Omega: the international journal of management science. Elsevier.
Croatian Operational Research Review. Croatian Operational Research Society.
Additional information on implementation and assessment Seminar work and its oral presentation. 60
Oral examination. 40
Student passes the exam, when each part of the examination is evaluated as positive (positive means at least 56 %).
