Decision making. Models and their use in the decision-making process. Elements and structure of a decision problem.
Decision Trees: decision matrix, Bayes, Maximin, Maximax, Hurwicz criteria.
Solving problems using sample information about the states of nature. Value of sample and perfect information.
Dynamic programming: characteristics of dynamic programming problems. Examples of multi-stage decisions. Diagrammatic representation of a multi-stage decision process. Characteristics of deterministic and probabilistic dynamic programming problems. Problem solving.
Linear programming: characteristics of linear programming problems. The mathematical model of linear programming. Possible types of solutions to linear programming problems. Graphical solution of problems. Simplex method. Dual problem. Sensitivity analysis.
Simulation: distinctive features and schematic representation of simulation. Generation of random observations from a probability distribution. Time advance. Simulation languages. Problem solving. Laboratory exercises using appropriate software.
- Teacher: Χρυσόστομος Δούκας
- Teacher: Ιωάννης Ψαρράς
ECTS : 6
Study Load : theory 3, lab 1
Language : el
Learning Outcomes : Upon successful completion of the course, students will be able to:
a) Systematically analyze the parameters involved in decision-support problems.
b) Master the methodologies and apply them correctly to real life decision problems, highlight all aspects of the problem, evaluate alternative solutions, and effectively support the decision maker in their choices.
c) Simulate the decision-making process and develop the model that will implement the appropriate method that fits the characteristics of the specific decision problem.
d) Collaborate effectively with the decision maker of the specific problem at all stages of decision support.
e) Make use of the experience of specialized experts from other fields for the effective modeling of the particularities of the decision problem, and utilize the overall methodology for the development of systematic and effective decision support in their area of activity and more generally in society.
f) Propose new, innovative strategies for changing their working environment and contribute to the development of rational decision-making approaches in economic and social problems.