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 module

Students who complete the module:

Learning objectives

Knowledge

• 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 simulations.
• Know different normative, descriptive, prescriptive decision making models.
• 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 people.

Skills

• 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 packages.
• Can use the presented tools to support decision making in a risk management framework.

Competences

• 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 specific case.

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 study. 

Exam

Exams

Name of exam	Decision Making
Type of exam	Oral exam
ECTS	5
Assessment	Passed/Not Passed
Type of grading	Internal examination
Criteria of assessment	The criteria of assessment are stated in the Examination Policies and Procedures