Prerequisite/Recommended prerequisite for
participation in the module
The module adds to the knowledge obtained in Risk Management and
Applied Statistics and Probability Theory.
Content, progress and pedagogy of the
Students who complete the module:
- Know basic concepts behind the decision making process.
- Know different decision making tools such as Bayesian networks,
decision trees, cost benefit analyses and Monte Carlo
- Know different normative, descriptive, prescriptive decision
- Understand the importance of ethical considerations in relation
to applying cost benefit models and decision making tools when
considering actions involving health and safety of
- Are able to evaluate the applicability of a decision making
model for a specific case.
- Are able to use the different tools present in software
- Can use the presented tools to support decision making in a
risk management framework.
- Can develop and apply an appropriate decision making process in
a specific case in a risk management context.
- Can select and apply an appropriate decision making model in a
Type of instruction
Lectures, etc. supplemented with assignments, workshops,
presentation seminars, lab tests.
Extent and expected workload
The module is 5 ECTS which is corresponding to 150 hours of
|Name of exam||Decision Making|
|Type of exam|
|Type of grading||Internal examination|
|Criteria of assessment||The criteria of assessment are stated in the Examination
Policies and Procedures|