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Decision Making and Modeling (MECN-451-0)
1.00 Credit
TCE BidStats

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.




Negative Requisites:
All Students: DECS-450-0

Download Schedule Information

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Academic Year Term   Session Course ID Title Sec ID   Credits Syl Instructor Times Campus Location Mand 1st Exam
2021-2022 Fall 2021 10 Weeks MECN-451-0 Decision Making and Modeling 31 1
Al-Najjar, Nabil Mon/Thu 09/20/2021-11/20/2021 3:30 PM - 5:00 PM
Mon/Thu 11/29/2021-12/04/2021 3:30 PM - 5:00 PM 		Evanston Global Hub (2120) N In-person, proctored exam. Multiple times available December 4-8. Registration required.
2021-2022 Fall 2021 10 Weeks MECN-451-0 Decision Making and Modeling 81HR 1
Al-Najjar, Nabil Tue 09/20/2021-11/20/2021 6:00 PM - 9:00 PM
Tue 11/29/2021-12/04/2021 6:00 PM - 9:00 PM 		Chicago Wieboldt (150) N Confirm with professor and syllabus.
2021-2022 Fall 2021 10 Weeks MECN-451-0 Decision Making and Modeling 81HV 1
Al-Najjar, Nabil Tue 09/20/2021-11/20/2021 6:00 PM - 9:00 PM
Tue 11/29/2021-12/04/2021 6:00 PM - 9:00 PM 		Online N/A (Room TBA) Y Confirm with professor and syllabus.
2021-2022 Spring 2022 10 Weeks MECN-451-0 Decision Making and Modeling 41 1
Al-Najjar, Nabil Thu 6:30 PM - 9:30 PM Evanston Global Hub (2110) Y Confirm with professor and syllabus.
2022-2023 Fall 2022 10 Weeks MECN-451-0 Decision Making and Modeling 31 1 Al-Najjar, Nabil Mon/Thu 1:30 PM - 3:00 PM Evanston TBD (Room TBA) Y
2022-2023 Fall 2022 10 Weeks MECN-451-0 Decision Making and Modeling 81 1 Al-Najjar, Nabil Tue 6:00 PM - 9:00 PM Chicago TBD (Room TBA) Y