Course syllabus MR - Decision Making (FBE - WS 2013/2014)

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Course code: MR
Course title in language of instruction: Manažerské rozhodování v podnikovém managementu
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: WS 2013/2014
Name of lecturer: Ing. Josef Zrůst, Ph.D. (examiner, instructor, lecturer, supervisor, tutor)
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.Defining of the subject of managerial decision-making. Decision-making processes, their elements and classification.

2.Managerial decision making (allowance 3/2)
a.Models of decision making, choise of criteria. Creating of options and their evaluation, selection of the best option.

3.Methods of decision making under certainty (allowance 2/2)
a.Application of methods of linear programming. Multicriteria evaluation of options. Case Study.

4.Methods of decision making under risk and uncertainty (allowance 7/4)
a.Subjective probability, Bayes' decision theory. Decision tree, graphical methods of decision making. Case Study. Risk analysis of investment projects, application of Monte Carlo simulation.

5.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

6.Group decision (allowance 5/2)
a.Models of Vroom and Yeton. Delphi method. Case study.

7.Information supporting of decision-making process (allowance 3/0)
a.Decision Support Systems(DSS), Group Support Systems(GSS), 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: required
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:
Prerequisite for passing the examination is to obtain credit. It is awarded for processing a comprehensive case study in selected company, this study summarizes the issues covered in the six case studies solved during exercises. Exam has written and oral part. In the written part are asked specific cases to solve (application of methods). A prerequisite for oral part is 65% of correct answers in the written part. The oral exam is conducted in a form of controlled interview given to the issue. Weight of both parts of the resulting rating is the same.
Recommended reading:
TypeAuthorTitlePublished inPublisherYearISBN
RQFOTR, J. -- ŠVECOVÁ, L. et al.Manažerské rozhodování: postupy, metody a nástrojePrahaEkopress2010978-80-86929-59-0
REFOTR, J. -- SOUČEK, I.Investiční rozhodování a řízení projektů: jak připravovat, financovat a hodnotit projekty, řídit jejich riziko a vytvářet portfolio projektůPrahaGrada2011978-80-247-3293-0
REFOTR, J.Případové studie manažerského rozhodování a manažerské hryPrahaVŠE199980-7079-559-X
REHAMMOND , J S. -- RAIFFA, H. -- KEENEY , R L.Smart Choices: A Practical Guide to Making Better DecisionsBostonHarvard Business School2010978-0-7679-0886-3
REHNILICA, J. -- FOTR, J.Aplikovaná analýza rizika ve finančním managementu a investičním rozhodováníPrahaGrada2009978-80-247-2560-4
REVEBER, J.Management: Základy, moderní manažerské přístupy, výkonnost a prosperita. 2. aktualiz. vyd.PrahaManagement Press2009978-80-7261-200-0
REStuchlý, J., Statistické metody pro manažerské rozhodování, Praha: VŠE, 2001.ISBN 80-245-0153-8.
REWisniewski, M., Metody manažerského rozhodování, Praha: Grada, 1996.ISBN 80-7169-089-9.


Last modification made by Ing. Jiří Gruber on 09/10/2013.

Type of output: