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Multi-objective Decision Analysis

Exam number: 6846

Semester: from 1st semester

Duration of the module: One semester

Form of the module (i.e. obligatory, elective etc.): Elective

Frequency of module offer: Winter semester 2020/2021

Prerequisites: Simultaneous or previous participation in the track modules "Operations Research" or "Management Science", good knowledge and deep interest in quantitative methods, mathematical modelling and optimization, and decision analysis.

Applicability of module for other study programmes:
Obligatory or elective in other study programmes. For further information check regulations of the study programme.

Person responsible for module: Prof. Dr. Achim Koberstein

Name of the professor: Dr. Okan Dukkanci

Language of teaching: English

ECTS-Credits (based on the workload): 6

Workload and its composition (self-study, contact time):
Contact time (Lecture, tutorial etc.): 60 h; self-study: 120 h

Contact hours (per week in semester): 4

Methods and duration of examination:
Successful written exam (120 min)

Emphasis of the grade for the final grade: Please check regulations of the study programme

Aim of the module (expected learning outcomes and competencies to be acquired):
The participants will learn about decision making problems with multiple objectives, and application of multi-objective decision analysis and optimization techniques to solve decision problems with multiple objectives. The course will provide the participants an understanding of the purpose of studying decision analysis techniques with a structured methodology to approach decision problems and represent real-world problems using models that can be analysed to gain insight.

Contents of the module:

  • Introduction to multi-objective decision analysis and multi-criteria decision making
  • Multi-objective Decision Analysis
    • Multi-Attribute Utility Theory
    • Analytic Hierarchy Process
    • Decisions with Uncertainty: Decision Trees
    • Structured Risk Management and Value of Information
  • Multi-objective Optimization
    • Multi-objective Optimization Problems
    • Solution Methods:
      • Weighted Sum-Scalarization
      • Epsilon-Constraint Method
      • Goal Programming
  • Multi-criteria Decision-Making Applications

Teaching and learning methods:
Lectures, exercises, case studies, hands-on work, self-studies

Literature (compulsory reading, recommended literature):
Optional reading materials:
Strategic Decision Making: Multiobjective Decision Analysis with Spreadsheets, C. W. Kirkwood, Brooks/Cole, Cengage Learning, 1997.
Multicriteria Optimization, M. Ehrgott, Springer Berlin, 2005. Decisions with Multiple Objectives: Preferences and Value Tradeoffs, R. Keeney and H. Raiffa, New York: Wiley, 1976
Additional topic specific and proprietary material.

Further information:
Registration in Moodle Viadrina required.