Programme

PGPX

Term

I

Academic Year

2021-22

Course title

Modeling for Decisions

Area

Production & Quantitative Methods

Credits

0.50

Instructor(s)

Prof. Diptesh Ghosh

Course Description & Objectives

Objectives: The emphasis of this course is on decision making in the context of an organization. It exposes the participants to various quantitative models for decision making. The first part of the course provides inputs on how to formulate a management problem as an optimization problem, and solve it on a computer. The second part of the course provides inputs on how to analyze decisions in an uncertain environment. Central to the decision making context is the thinking that “Making decisions is just one of the many things that corporations do but is a critical activity”. The process by which decisions are taken differentiate successful organizations from unsuccessful organizations. Successful organizations have a history of making decisions that are timely, opportunistic and that generally work out in the long run.

Pedagogy

Case discussions and lectures