Strategic Decision Making
| Degree programme | International Business Administration |
| Subject area | Business and Management |
| Type of degree | Bachelor Full-time Winter Semester 2023 |
| Course unit title | Strategic Decision Making |
| Course unit code | 025007055010 |
| Language of instruction | English |
| Type of course unit (compulsory, optional) | Elective |
| Teaching hours per week | 2 |
| Year of study | 2023 |
| Level of the course / module according to the curriculum | |
| Number of ECTS credits allocated | 3 |
| Name of lecturer(s) | Jinwook LEE |
Elementary probability concepts
Integration of Management Science methodology with organizational strategy
Treatment of uncertainty in strategic environments through a knowledge of
- The laws of probability
- Revision of prior probabilities
- Expected long-term gain or loss
- Construction and analysis of decision trees.
Optimal allocation of strategic resources:
Linear and integer optimization models.
- Finding solutions using Microsoft Excel with the ‘Solver’ add-in module.
- Interpretation of software output.
- Sensitivity (what/if) analysis of solution.
- Practical and managerial implications.
Knowledge
- Students will know the role and importance of Management Science in strategic decision making.
- Understand the behavioural aspects of probability and risk assessment.
- Apply model-based analytical approaches for addressing fundamental strategic issues.
Comprehension
- Understand and develop skills for facilitating sequential thinking under uncertainty, as well as simultaneous thinking involving complex trade-offs.
Application
- Develop analytical skills in handling strategic decision processes and arrive at objective and rational conclusions.
Analysis
- Recognize the key components of strategic decisions and outline the sequence of events and decisions.
- Identify critical resources and understand the relevant trade-offs.
Synthese
- Synthesize available information and apply management science methods for achieving competitive advantage.
Lecture, case studies and problem solving exercises within the course
Assessment Method & Criteria:
Demonstrate an understanding of basic organizational strategy concepts and modeling skills for decision making with a strategic perspective
Evaluation Criteria:
- Short pre-assignment and in-class individual exercise problems (30% of grade)
- In-class case analysis problems (40%)
- Post-assignment group case study (30%).
none
Bell, Peter C. (1999): Management Science/Operations Research: A Strategic Perspective, South-Western College Publishing.
Face-to-face