One of the most important responsibilities of managers in businesses is to make decisions. Today's competitive conditions require that optimal decisions be supported by numerical methods. The aim of this course is to gain the knowledge and skills to formulate a problem encountered in decision making, to establish the mathematical model, to obtain the solution from the model, to check and evaluate the model and its solution, to apply the obtained solution.
Prerequisite(s)
Corequisite(s)
Special Requisite(s)
Instructor(s)
Course Assistant(s)
Schedule
Office Hour(s)
Teaching Methods and Techniques
Principle Sources
Other Sources
Course Schedules
Week
Contents
Learning Methods
1. Week
Components of decision making, decision making without probabilities
Distant Learning
2. Week
Maximin,minimax, hurwicz criterion
Distant Learning
3. Week
Decision making with probabilities, expected value
Distant Learning
4. Week
Decision trees
Distant Learning
5. Week
Sequential decision tree analysis
Distant Learning
6. Week
Decision trees with posterior probabilities
Distant Learning
7. Week
Game theory
Distant Learning
8. Week
Midterm Exam Week
Assessment
9. Week
Midterm Exam Week
Assessment
10. Week
Markov analysis,states and state probabilities
Distant Learning
11. Week
Matrix of transition probabilities, predicting future market shares
To define his/her competencies using the theoretical and practical knowledge he/she acquired in the field of Economics and to use these competencies in practice.
PO-2
To discuss concepts and ideas in the field of Economics with scientific methods, to develop hypotheses, to interpret and evaluate the data obtained.
PO-3
To develop solution suggestions for complex and/or unpredictable problems encountered in practice, to report and present these suggestions in accordance with the academic publication rules.
PO-4
To identify regional and global issues/problems, to perform analyses based on scientific data and research, and to develop solution suggestions.
PO-5
To determine the learning needs in the field of Economics, to evaluate the acquired knowledge and skills with a critical approach, and to use this knowledge and skills to develop economic policies.
PO-6
To inform relevant people and institutions on issues related to the field of Economics and to gain the ability to convey written and verbal solutions to problems.
PO-7
To convey his/her thoughts and suggestions in the field of Economics to experts and non-experts by supporting them with quantitative and qualitative data, to discuss and to contribute to the development of new policies by revising suggestions according to the feedback he/she receives.
PO-8
To benefit from other disciplines that form the basis of the field of Economics, to develop multidisciplinary approaches by associating these disciplines with his/her knowledge in the field of Economics, to produce project and publications.
PO-9
To define the differences and relationships between classical and modern theories of economics and to observe the distinctions between classical and modern economic policies and to evaluate the compatibility of these policies with economic and social issues.
PO-10
To read and comprehend foreing news sources about economics being fluent in a foreign language, to scan the economic literature and to follow the most current approaches in this field.
PO-11
To take into account scientific and ethical values in the stages of collecting, interpreting and announcing economic data and carrying out statistical/econometric studies using these data, and also to carry out the publication process in accordance with academic publishing principles.
Learning Outcomes
LO-1
To produce solutions to business problems using decision making techniques
LO-2
To gain the ability to evaluate economic data with analytical thinking.
LO-3
To learn modeling and estimation by analyzing relations in economic data.
LO-4
To formulate a problem, to establish the mathematical model, to obtain the solution from the model, to check and evaluate the model and its solution, to gain the knowledge and ability to apply the obtained solution.
LO-5
To support optimal decisions with numerical methods, taking into account today's competitive conditions
