Decision-making is a process of selecting a specific action from a set of possible actions to address a given problem. Because there is uncertainty about the future, we cannot be sure of the consequences of the decision. This course provides an introduction to the quantitative techniques and models used by managers to help solve decision-making problems in an uncertain environment. The main quantitative techniques studied will be those of statistical decision analysis, mathematical programming, and simulation. Specific applications of these techniques may include product-mix determination, transportation planning, risk analysis (of securities), inventory control, queuing problems, and quality control.

• Three Assignments 20%
• Mid-Semester examination: 20% 
• Final examination: 60%

Three contact hours per week plus private study time.

STAT1008 Quantitative Research Methods or STAT1003 Statistical Techniques or STAT2001 Introductory Mathematical Statistics

For further information please refer to http://ecocomm.anu.edu.au/courses/course.asp?code=STAT3014