ORL-30306 Decision Science 2

Course

Credits 6.00

Language of instruction:

English

Assumed knowledge on:

ORL-20306 Decision Science 1.

Continuation courses:

ORL-30806 Operations Research and Logistics.

Contents:

1. Multi-criteria decision making
Ways of dealing with problems that have several, mostly conflicting objectives. This topic also comprises Risk and Uncertainty, in order to incorporate into the decision making process the personal judgements of the decision maker about uncertainties and outcome-values.
2. Simulation
Many systems are so complex that you cannot optimise them in a straightforward, analytical way. Simulation increases the understanding of such a system by building a model of reality, and analysing its behaviour.
3. Approximation methods (heuristics)
In many cases problems are too big or too complex to find an optimal solution in a reasonable amount of time. In those cases we can use approximation methods (heuristics) that find relatively good solutions in a relatively short amount of time.
In Decision Science 2 three different chair groups participate:
- Operations Research and Logistics (ORL)
- Business Economics (BEC).
- Information technology (INF).
The methods and techniques will be demonstrated with examples from e.g. the milk chain, production planning, pest control, investment problems.

Learning outcomes:

After successful completion of this course students are expected to be able to:
- deduce an appropriate Multi-criteria Decision Making model for a provided decision situation;
- solve a Multi-criteria Decision Making model in a state of the art, design oriented optimization tool;
- analyse the outcome of a Multi-criteria Decision Making model;
- analyse a decision situation where risk occurs;
- deduce a simulation model for a provided situation, and analyse the outcome;
- construct a simulation model in professional simulation software;
- apply the provided approximation methods to solve a small-scale problem;
- judge which decision making tool is appropriate in a given decision situation.

Activities:

- studying the written materials;
- making exercises;
- acquiring knowledge and skills by active participation in the tutorials;
- acquiring skills in active participation in practical's.

Examination:

Written closed book exam (100%) provided sufficient testimonial for practical assignment.
Details: see course guide.

Literature:

G.D.H. Claassen; Th.H.B. Hendriks; E.M.T. Hendrix. (2007). Decision Science: Theory and applications. ISBN: 9789086860012. (also used in Decision Science I)
Reader Decision Science 2.