Decision Modeling For Managers

This course analyzes a wide range of business planning and decision problems involving data with the help of spreadsheet models. The frameworks for quantitative decision-making, optimal design, effective resource allocation and economic efficiency are provided. This framework will be used in the center of many business-related disciplines, including marketing, finance, operations research, accounting, and economics. The course will focus both on modeling the decision problems and on implementing the designed models over the collected data. Powerful and easy to use spreadsheet tools have been developed to assist in this process. Those covered here include Optimization tools (e.g. Solver add-in); extracting maximum value from resources and activities; exploring complex combinations of possibilities to achieve desired goals; Simulation tools (e.g. Crystal Ball add-in); valuing and managing complex portfolios of risks. This decision technology has enabled many companies to improve their routine activities, but also identify long-run decision opportunities and sometimes rethink the whole of their activities. In this sense, decision models have tactical and strategic value; they are an important factor of value creation.

Credits

Prerequisite

MG-620