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Course Details

Evanston class schedule is currently available through Summer 2023. Chicago class schedule is currently forecast through Summer 2023.

MECN-451-0

Data, Models, and Decisions

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Course Details

Data, Models, and Decisions - MECN-451-0

Previously Known as DECS-450-0

1.0 Credit

PASS/NO CREDIT

No

COURSE TYPE

MMM Students : Elective All other students : Elective

WAIVER OPTIONS

None

TRACKS

Data Analytics Pathway
Economics Major
Management Science Major

DESCRIPTION

**This course was formerly known as DECS-450-0**

This course introduces fundamental concepts and modeling tools for decision making under uncertainty. The pedagogical approach combines business cases, conceptual frameworks of probability and risk analysis, and spreadsheet modeling of managerial decision problems. The course will also provide you with training in state-of-the-art Palisade's DecisionTools Suite to perform and interpret Monte Carlo simulation and decision tree models. Among the concepts discussed in depth are the value of information, option value, selection bias, herd behavior, risk aversion, and the "flaw of averages.'' The concepts and tools are illustrated using business applications in the areas of economics, strategy, operations, and finance.

For more information about the course content, recent syllabus, and TCEs, please click here.

SCHEDULE SUMMARY

	Fall	Winter	Spring	Summer
2022-2023	Ev / OL
2021-2022	Chi / Ev / OL		Ev

PREREQUISITES

Negative Prerequisite:
All Students: DECS-450-0

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