Graduate Study - Faculty of Economics and Social Sciences
3+2 Management

Code Name Level Year Semester
BUS 564 Advanced Decision Making Graduate 1 Spring
Status Number of ECTS Credits Class Hours Per Week Total Hours Per Semester Language
7.5 124 English

Instructor Assistant Coordinator
Ali GÖKSU, Assoc. Prof. Dr. Ali GÖKSU, Assoc. Prof. Dr.
[email protected] no email

Decision theory provides a formal framework for making logical choices in the face of uncertainty. Given a set of alternatives, a set of consequences, and a correspondence between those sets, decision theory offers conceptually simple procedures for choice. This course presents an overview of the fundamental concepts and outcomes of rational decision making under uncertainty, highlighting the implications for statistical practice.

 Provides a rich collection of techniques and procedures.
 Discusses the foundational aspects and modern day practice.
 Links foundations to practical applications in economics.
 Presents different perspectives and controversies to encourage students to form their own opinion of decision making and statistics.

  1. Basic Concepts
  2. Decision Making Under Uncertainty
  3. Decision Trees
  4. Multi Criteria Decision Making
  5. Analytic Hierarchy Process
  6. Analytic Hierarchy Process
  7. Analytic Network Process
  8. TOPSIS Method
  9. Fuzzy Logic, Fuzzy AHP
  10. Fuzzy TOPSIS
  11. Forecasting and Time Series
  12. Goal Programming
  13. Paper Presentation
  14. Paper Presentation


    • Lectures
    • Practical Sessions
    • Excersises
    • Presentation
    • Project
    • Assignments
    • Case Studies
    Description (%)
    Method Quantity Percentage (%)
    Midterm Exam(s)20
    Final Exam150
    +Project, attendance, participation,...
    Total: 80
    Learning outcomes
    • Describe the steps of the decision-making process and different types of decision-making environments.
    • Make decisions under uncertainty when probability values are not known. Make decisions under risk when probability values are known.
    • Use Excel to set up and solve problems involving decision tables. Develop accurate and useful decision trees.
    • Revise probability estimates using Bayesian analysis.
    • Understand the importance and use of utility theory in decision making.
    • Winston, W. Operations Research : Applications and Algorithms , fourth edition (2004) 4th ed. Thomson / Brooks-Cole., ISBN 0-534-42362-0.

    ECTS (Allocated based on student) WORKLOAD
    Activities Quantity Duration (Hour) Total Work Load
    Lecture (14 weeks x Lecture hours per week)16348
    Laboratory / Practice (14 weeks x Laboratory/Practice hours per week)16116
    Midterm Examination (1 week)12020
    Final Examination(1 week)13030
    Preparation for Midterm Examination11010
    Preparation for Final Examination7.50
    Total Workload: 124
    ECTS Credit (Total workload/25): 5