OBJECTIVES
- Gain an overview of the wide set of issues to consider when engaging on a modelling project.
- Understand how to make high quality decisions.
- Learn how to build models to maximise decision quality.
- Ensure that the models built are as effective as possible in decision support.
DESCRIPTION
- Overview. This course covers the issues to consider when planning and designing models, in order to achieve the maximum efficacy in decision support.
- Practical work and exercises. This course involves reading materials only.
- Assessment tests. The assessment test is based on the key concepts covered within the reading materials!
KEY TOPICS
- Principles of modelling for decision support. Generating high quality decisions. Meaning of decision quality. Decision context and framing. The fallacy of choice. Decision identification: scope, objective and criteria.
- Decision structures: Go/no go, scenarios, sub-options and sequences. Introduction to best practices in model building.
- Principles of building models (overview). Decisions, sensitivities, transparency and complexity reduction.
