Some problems in life are well structured and can be solved by taking well-defined action: when you have a flat tire, you will be able to continue with your journey if you follow the instruction manual. But in the business world, most situations and problems are not so simple. Problems usually have economic, technical and human sides and there is generally not just one right solution. Managers must solve problems efficiently, effectively and ethically every day. “The chief-executive job of tomorrow will include understanding of a host of new basic tools of mathematical and logical analysis, synthesis and measuring. It will require ability to see where these tools can be applied, the power to educate other members of management in their meaning and use, and some elementary skill in applying them.” (Peter Drucker)
By teaching how to carry out effective analysis, the Managerial Decision Sciences Department helps managers solve practical business problems while addressing personal assessment, available data and analytical techniques.
Coursework includes: Structuring of Business Problems; Forecasting, Creativity and Innovation; Sensitivity Analysis; Scenario Simulation; Investment Analysis; Quantitative Methods for Management; Probability Distributions; Model Building; and Intangibles in Decision Making.
Thanks to their research work, the department’s faculty members help extend the limits of knowledge in the areas of decision-making, uncertainty, innovation and intuition.
- Conference of the European Decision Sciences Institute
Areas of expertise
- Decision-making in firms
- Macroeconomic uncertainty
- Time and uncertainty
- Country-specific differences in life satisfaction
- Business performance metrics
- Corporate governance