Objectives and competences
In this course students:
1. Enhance their theoretical knowledge in the field of decision-making.
2. Gain the ability to apply their theoretical knowledge in business practice (e.g. creditworthiness assessment, benchmarking, selection of investments, information systems, production programs).
3. Understand and know how to use graphical and multi-criteria approaches to the analysis of problems in business decision-making.
4. Acquire advanced knowledge of basic theoretical approaches in the field of business decision-making, using the selected decision analysis methods.
Content (Syllabus outline)
1. Decision-making: the basic life ability, conflicts and co-operation, proactive approach, decision elements (problem, goals, solutions, consequences, as well as compromises, uncertainties, risk, connected decisions), the role of multi-criteria decision-making for complex problem solving
2. Decision-making process: the phases of problem solving, the assumptions about the decision maker's abilities and preferences, individual and group decision-making, the role of an analyst and a decision maker
3. Graphical methods for complex decisions' analysis (decision trees, influence diagrams, payoff matrix) and appropriate computer programs, with an emphasis on Excel
4. Multi-criteria decision-making methods
4.1 Traditional methods
4.2 Approximate methods
4.3 Computer tools supportive of multi-criteria decision-making, with an emphasis on Expert Choice
5. Applications of the methods for individual and group multi-criteria decision-making with appropriate computer support: advantages and disadvantages, comparisons of the usefulness of the selected methods and computer programs for different practical problems (creditworthiness evaluation, benchmarking, the selection of investments, organizational structures, information systems, new products, technological solutions).
Learning and teaching methods
lecturing,
teaching with the case method,
labor work,
active group work, discussion
Intended learning outcomes - knowledge and understanding
Development of knowledge and understanding:
Students:
1. Acquire specific knowledge in the field of decision analysis, i.e. about the key elements and the selected decision-making methods, as well as the decision process, in solving business problems and
learn to apply different computer supported methods of multi-criteria decision-making following the steps of the framework procedure.
2. Develop the skills to interpret the results, gained by the graphical methods for decision analysis and the selected multi-criteria decision-making methods.
3. Can demonstrate awareness of ethical issues when including criteria in decision models, making judgments about the criteria’s importance and measuring the alternatives’ values.
Cognitive/Intellectual skills:
Students:
1. Understand and apply critical analysis and theory development and their usability in solving real professional problems, with minimum guidance.
2. Can select appropriate techniques for problem solving and are able to evaluate the importance and significance of data.
3. Can identify key aspects of problem from different view points.
Intended learning outcomes - transferable/key skills and other attributes
Key/Transferable skills
Students:
1. Further develop skills and expertise in the use of knowledge in a specific working area.
2. Upgrade the ability to apply information technology.
3. Further develop their communication skills in an effective manner to effectively and professionally communicate.
Practical skills:
Students:
1. Are able to act autonomously with defined guidelines and certain level of supervision, to select and use decision methods in solving business problems.
Readings
Obvezna študijska literatura (Compulsory textbooks):
1. Čančer, V. (2008). Analiza poslovnega odločanja: zapiski predavanj. Maribor: ?s.n.? .
2. Taherdoost, H., Madanchian, M. (2023). Multi-Criteria Decision Making (MCDM) Methods and Concepts. Encyclopedia, 3, 77-87. (Dosegljivo 26. 4. 2024 na: https://www.mdpi.com/2673-8392/3/1/6)
Dodatna študijska literatura (Additonal textbooks):
- Čančer, V. (2009). Gradivo za vaje pri predmetu Analiza poslovnega odločanja. Maribor: Ekonomsko-poslovna fakulteta.
- Render, B., Stair, R. M., Hanna, M. E., & Hale, T. S. (2018). Quantitative Analysis For Management (13. izd.). Harlow: Pearson.
- Doumpos, M., Figueira, J. R., Greco, S., Zopounidis, C. (2019). New Perspectives in Multiple Criteria Decision Making: Innovative Applications and Case Studies. Cham: Springer.
- Belton, V., & Stewart, T. J. (2002). Multiple Criteria Decision Analysis – An Integrated Approach. Boston, Dordrecht, London: Kluwer Academic Publishers.
- Čančer, V. (2003). Analiza odločanja. Maribor: Ekonomsko-poslovna fakulteta Maribor.
- Hammond, J. S., Keeney, R. L., & Raiffa, H. (2000). Pametne odločitve – Praktični vodnik za sprejemanje boljših odločitev. Ljubljana: Gospodarski vestnik.
- Saaty, T. L. (2001). Decision-making for leaders: the AHP for decisions in a complex world. Pittsburgh: RWS Publications.
- Zopounidis, C., & Pardalos, P. M. (ur). (2010). Handbook of Multicriteria Analysis. Heidelberg, Dordrecht, London, New York: Springer-Verlag.
- Podpore na svetovnem spletu in aktualni znanstveni in strokovni članki
Additional information on implementation and assessment 20% - active participation at lectures, tutorials and labs,
40% - preparation and presentation of seminar work,
40% - written examination or two tests (each up to 20 %) written during semester
For positive grade, seminar work and written exam (or both tests) must be positive. Positive means at leas 56 %. For a positive grade it is necessary to achieve at least 56 % of all possible points.
