Course: Decision-making under Risks and Uncertainties

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Course title Decision-making under Risks and Uncertainties
Course code LUKR/LBMRN
Organizational form of instruction Lecture
Level of course Bachelor
Year of study 2
Semester Summer
Number of ECTS credits 3
Language of instruction Czech
Status of course Compulsory
Form of instruction Face-to-face
Work placements This is not an internship
Recommended optional programme components None
Lecturer(s)
  • Konečný Jiří, Ing. et Ing. Ph.D.
Course content
Main topics: - Introduction to the study of the subject, conceptual apparatus in the field of decision-making processes, risks and uncertainties; - Decision-making process and its phases, elements of the decision-making process; - Classification of decision-making problems and processes; - Tools for determining the impacts of risky options; - Decision-making under certainties, point scale, 100-point allocation, pairwise comparisons and multi-criteria evaluation; - Decision-making under uncertainties, probability trees; - Decision-making under risks, expected value, utility and expected value and variance rules; - Decision-making under uncertainties, maximax, Wald, Huwicz, Laplace and Savage rules; - Decision trees, trust and reliance; - Decision-making tasks with a large number of actions and situations; - Creation and management of a portfolio of risky options; - Group decision-making, decision-making styles, advantages, disadvantages; - Decision-making using expert teams and assessing the quality of the decision-making process; - Choice of decision-making style, psychological aspects of decision-making processes.

Learning activities and teaching methods
  • Participation in classes - 10 hours per semester
  • Preparation for course credit - 10 hours per semester
  • Home preparation for classes - 10 hours per semester
prerequisite
Knowledge
General knowledge of the basics of algebra, probability theory, statistics and management is required.
General knowledge of the basics of algebra, probability theory, statistics and management is required.
learning outcomes
recognize levels of uncertainty and uncertainty based on the quality of input information about phenomena and events from the degree of their significance and reliability apply methods, rules and procedures used in decision-making under certainty, uncertainty, risk and uncertainty apply acquired theoretical knowledge in decision-making in the private and public sector apply the choice of decision-making style apply decision-making using expert teams
recognize levels of uncertainty and uncertainty based on the quality of input information about phenomena and events from the degree of their significance and reliability apply methods, rules and procedures used in decision-making under certainty, uncertainty, risk and uncertainty apply acquired theoretical knowledge in decision-making in the private and public sector apply the choice of decision-making style apply decision-making using expert teams
Skills
orient yourself in the terminology of managerial decision-making for certainties, uncertainties, risks and uncertainties define the principles and trends of managerial decision-making under certainties, uncertainties, risks and uncertainties define the stages of the decision-making process define the essence of group decision-making clarify the choice of decision-making style
orient yourself in the terminology of managerial decision-making for certainties, uncertainties, risks and uncertainties define the principles and trends of managerial decision-making under certainties, uncertainties, risks and uncertainties define the stages of the decision-making process define the essence of group decision-making clarify the choice of decision-making style
teaching methods
Knowledge
Dialogic (Discussion, conversation, brainstorming)
Dialogic (Discussion, conversation, brainstorming)
Monologic (Exposition, lecture, briefing)
Monologic (Exposition, lecture, briefing)
Dealing with situational issues - learning in situations
Dealing with situational issues - learning in situations
Practice exercises
Practice exercises
assessment methods
Analysis of the student's performance
Analysis of the student's performance
Analysis of educational material
Analysis of educational material
Didactic test
Didactic test
Analysis of seminar paper
Analysis of seminar paper
Recommended literature
  • BELLO, Rich. The decision principles: conquering decision-making obstacles in life and business. USA: Independently published., 2023. ISBN 979-83-92845-28-6.
  • DLUHOŠOVÁ, Dana. Finanční řízení a rozhodování podniku: analýza, investování, oceňování, riziko, flexibilita. Praha: Ekopress, 2010. ISBN 978-80-86929-68-2.
  • FOTR, Jiří, Lenka ŠVECOVÁ a kol. Manažerské rozhodování. Postupy, metody a nástroje. Praha: Ekopress, 2010. ISBN 978-80-86929-59-0.
  • FOTR, Jiří. Vícekriteriální rozhodování za nejistoty. Praha: Oeconomica., 2020. ISBN 978-80-245-2399-6.
  • HRDÝ, Milan. Dlouhodobý finanční management. Praha: Wolters Kluwer., 2023. ISBN 978-80-7676-470-5.
  • ZAPLETAL, František. Exaktní metody rozhodování. Praha: Professional Publishing., 2023. ISBN 978-80-88260-66-0.


Study plans that include the course
Faculty Study plan (Version) Category of Branch/Specialization Recommended year of study Recommended semester