Course syllabus MR - Decision Making (FBE - SS 2019/2020)

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Course code: MR
Course title in language of instruction: Manažerské rozhodování
Course title in Czech: Decision Making
Course title in English: Decision Making
Mode of completion and number of credits: Exam (5 credits)
(1 ECTS credit = 28 hours of workload)
Mode of delivery/Timetabled classes: full-time, 2/1 (hours of lectures per week / hours of seminars per week)
Language of instruction: Czech
Level of course: master continuing
Semester: SS 2019/2020
Name of lecturer: Ing. Josef Zrůst, Ph.D. (supervisor)
Prerequisites: Final Bachelor Exam
Aims of the course:
The goal is to define basic terms in the area of managerial decision making in business management. To give a survey of methods of decision making under risk with margine situations -- certainty and uncertainty, show adequate approaches and decision-making styles. To manage theoretical knowledge of solving decision making processes with application on decision making algorithm for individual and complex decision making problems.
Course contents:
1.Introduction to the theory of decision making (allowance 4/2)
a.Decision making process and its contents, basic types of decision making processes.
b.Optimization and satisfaction principle, quality of decision, role of information in decision making.

2.Decision making under certainty (allowance 5/4)
a.Situation analysis and decision problem identification, analysis and formulation, identification of causations, determination of evaluation criteria.
b.Generation of alternatives, alternative evaluation and choice of alternative intended for realization, analysis of potential problems.
c.Multi-Attribute Utility Theory, case study.

3.Methods of decision making under risk and uncertainty (allowance 7/4)
a.Subjective probability, decision matrix.
b.Rules for decision making under risk and uncertainty.
c.Graphical methods of decision making, Decision tree.
d.Formation of risk alternatives portfolio.
e.Disadvantages of decision making under risk.

4.Risk management (allowance 4/2)
a.Definition, key terms, risk analysis, internal and external sources of risks, ways of measurement.
b.Risk management, tools and methods of decreasing business risks and their prevention.

5.Participative decision making and choice of decision style (allowance 5/2)
a.Degree of participation and decision style, influence of participation degree on the organization, advantages and disadvantages of participative decision making, management of participative decision making processes.
b.Vroom and Yetton's leadership decision model, Delphi method, case study.

6.Information supporting of decision-making process (allowance 3/0)
a.Decision Support Systems(DSS), Group Support Systems(GSS).
b.Executive Information Systems(EIS), Artificial Neuron Networks(ANN).

Learning outcomes and competences:
Generic competences:
-Ability to apply knowledge
-Ability to make decisions
-Ability to solve problems
-Ability to work in interdisciplinary team
-Skilled at utilizing and processing information

Specific competences:
-Ability to apply models for solution of problems in business management
-Ability to solve complex decision problems
-Modelling of economic problems
-Qualified analysis of current situation and trends in business environment

Type of course unit: optional
Year of study: Not applicable - the subject could be chosen at anytime during the course of the programme.
Work placement: There is no compulsory work placement in the course unit.
Recommended study modules: -
Learning activities and study load (hours of study load):
Type of teaching methodDaily attendance
Direct teaching
     lecture28 h
     practice14 h
     preparation for exam68 h
     preparation for regular assessment10 h
     elaboration and execution of projects20 h
Total140 h
Assessment methods:
Requirements for finishing:
The subject is finished with exam, which consists of two parts. The aim of first part is to verify by written form the level of acquainted knowledge's from managerial decision making. The second part is focused on ability of knowledge's application on practical issues (case studies) coming from economic practice. Student is classified on the base of summary of reached points within seminars and both parts of exam following:

92 to 100 points - "A" (excellent)
84 to 91 points - "B" (very good plus)
76 to 83 points - "C" (very good)
68 to 75 points - "D" (good plus)
60 to 67 points - "E" (good)
Less than 60 points - "F" (failed).
Recommended reading:
TypeAuthorTitlePublished inPublisherYearISBN
RQFOTR, J. -- ŠVECOVÁ, L. et al.Manažerské rozhodování: postupy, metody a nástrojePrahaEkopress2010978-80-86929-59-0
RECHELST, K R. -- CANBOLAT, Y B.Value-added decision making for managersBoca RatonCRC Press978-1-4200-7572-4
REHAMMOND , J S. -- RAIFFA, H. -- KEENEY , R L.Smart Choices: A Practical Guide to Making Better DecisionsBostonHarvard Business School2010978-0-7679-0886-3
REGRASSEOVÁ, M. -- BRECHTA, B. et al.Efektivní rozhodování: analyzování, rozhodování, implementace a hodnoceníBrnoEdika2013978-80-266-0179-1
RECol.Data analysis and decision makingMasonSouth-Western Cengage Learning978-0-538-47612-6
REDecision analysis for managers: a guide for making better personal and business decisionsNew YorkBusiness Expert Press2013978-1-60649-488-2
REMAUBOUSSIN, M J.Dvakrát meraj: umenie robiť správne manažerske rozhodnutia a vyvarovať sa drahých chýbBratislavaEastone Books2010978-80-8109-136-0
REROYAL, B.Principy kritického myšleníPrahaIkar2016978-80-249-3051-0


Last modification made by Ing. Jiří Gruber on 12/05/2019.

Type of output: