Course detail

Modern Methods in Economic Decision-making

FP-merDEAcad. year: 2019/2020

The course is focused on the following areas: properties and characteristics of successful companies (Framework "7S" factors of successful businesses, case study: Businessman S. Walton - founder of Wall Mart stores). The influence of environment on the company. Basic principles of change processes of the company. Models of planned changes in the company (Levin model, Jaguar model, model Nokia). Change and risk. Types and risk analysis. Measurement of risk. Basic statistical characteristics of risk. Methods of reducing risk in management and its analysis (methods of removing the causes of risk, methods of reducing the effect of the risk). The basis of investment mathematics and methodology of investment decision. Reducing of the risk and evaluation of the investment in personal or corporate investment (case study). The risk connected with the change of the company's strategy including the methodology of the change strategy. Forecasting - tool for reducing the risk in the economic life of the company. Forecasting - tool to reduce risk in the economic life of the company. To acquaint students with selected advanced methods of analysis and economic modeling techniques (fuzzy logic, artificial neural networks, genetic algorithms) by explaining the principles of these theories and their subsequent application to managerial practice. The goal of the course is to familiarize students with some non-standard advanced methods of analysis and modeling techniques in economics and finance in the form of an explanation of the principles of these theories, to learn with these theories and their applications. The knowledge and skills obtain in the course will help to students obtain modern approach to the analysis and modeling of the national economy and private sector organizations, businesses, companies, banks, etc.

Learning outcomes of the course unit

Written project - creating a model of optimal time management
1. Critical analysis of selected problem (eg project management of production, the project of construction of the house, management of research, etc.).
2. Modeling of the project by suitable method of network analysis (CPM, PERT, etc.).
3. Finding the critical path and its managerial interpretation
4. Extending the duration of noncritical activities to become the part of the critical path, management discussion of this problem
5. Recommendations for the management, including the project risk policy

Prerequisites

The subject knowledge on the MSc studies is requested.

Co-requisites

Not applicable.

Recommended optional programme components

Not applicable.

Recommended or required reading

Lapin,L.: Quantitative Methods for Business Decisions. Brace Harcourt College Publishers, Toronto, Canada 1994. (EN)

Planned learning activities and teaching methods

Lectures, consultations in practice

Assesment methods and criteria linked to learning outcomes

1. Clear targeted analysis with conclusions
2. Management views and interpretations of the proposed solution form with the citation conditions.
The work does not exceed 20 pages (additional information can be inserted into Annex)

Language of instruction

English

Work placements

Not applicable.

Course curriculum

Outline in accordance with the stated objectives

Aims

1. Critically analyze specific situation and propose appropriate decision-making methods
2. To acquaint students with advanced methods of management decisions.
3. Presentation of case studies for strategic decision of the management

Specification of controlled education, way of implementation and compensation for absences

concentration of PhD students, oral exam added by written project

Classification of course in study plans

  • Programme DSP-KS-E Doctoral

    branch DSP-ŘEP-KSE , 1. year of study, summer semester, 0 credits, compulsory

  • Programme DSP-E Doctoral

    branch DSP-ŘEP-E , 1. year of study, summer semester, 0 credits, compulsory

Type of course unit

 

Seminar

20 hours, optionally

Teacher / Lecturer

eLearning