IE451 DECISION ANALYSIS
| Course Code: | 5680451 |
| METU Credit (Theoretical-Laboratory hours/week): | 3 (3.00 - 0.00) |
| ECTS Credit: | 5.0 |
| Department: | Industrial Engineering |
| Language of Instruction: | English |
| Level of Study: | Undergraduate |
| Course Coordinator: | Prof.Dr. ESRA KARASAKAL |
| Offered Semester: | Fall or Spring Semesters. |
Course Objectives
At the end of the course, the students will
- be able to formulate and solve decision problems under uncertainty.
- have an understanding of multi-criteria decision making and solution approaches.
- be able to properly use probabilistic concepts in decision making.
Course Content
Maximizing expected monetary value. Utility theory. Judgmental probabilities. Value of information. Normal form of analysis. Risk sharing. Multi attribute utility theory.
Course Learning Outcomes
Student, who passed the course satisfactorily will be able to:
- construct decision trees to represent problems.
- find best action based on expected utility.
- formulate problems with multiple criteria.
- use different approaches to choose among alternatives defined by multiple criteria.
- understand probability theory.
- properly interpret probabilities based on available information.
Program Outcomes Matrix
| Contribution | |||||
| # | Program Outcomes | No | Yes | ||
| 1 | An ability to identify, formulate, and solve complex engineering problems by applying principles of engineering, science, and mathematics | ✔ | |||
| 2 | An ability to apply engineering design to produce solutions that meet specified needs with consideration of public health, safety, and welfare, as well as global, cultural, social, environmental, and economic factors | ✔ | |||
| 3 | An ability to communicate effectively with a range of audiences | ✔ | |||
| 4 | An ability to recognize ethical and professional responsibilities in engineering situations and make informed judgments, which must consider the impact of engineering solutions in global, economic, environmental, and societal contexts | ✔ | |||
| 5 | An ability to function effectively on a team whose members together provide leadership, create a collaborative and inclusive environment, establish goals, plan tasks, and meet objectives | ✔ | |||
| 6 | An ability to develop and conduct appropriate experimentation, analyze and interpret data, and use engineering judgment to draw conclusions | ✔ | |||
| 7 | An ability to acquire and apply new knowledge as needed, using appropriate learning strategies | ✔ | |||
| 8 | An ability to design, analyze, operate, and improve integrated systems that produce and/or supply products and/or services in an effective, efficient, sustainable, and socially responsible manner | ✔ | |||
| 9 | An ability to apply critical reason and systems thinking in problem solving and systems design | ✔ | |||
| 10 | An ability to use scientific methods and tools (such as mathematical models, statistical methods and techniques) necessary for industrial engineering practice | ✔ | |||