STU44005 – Decision Analysis

Module CodeSTU44005
Module NameDecision Analysis
ECTS Weighting[1]5 ECTS
Semester taughtSemester 1
Module Coordinator/s  Athanasios G. Georgiadis

Module Learning Outcomes

On successful completion of this module, students will be able to:

LO1. Model problems and extract decisions in operations research, using
deterministic dynamic programming;
LO2. Decide under stochastic procedures about celebrated problems in
operations research;
LO3. Employee Markov chains for obtaining decisionsin several problems that
depend on time evolutions governed by probabilities.

Module Content

To introduce Students to the field of Operations Research. The Students will model
and solve problems popping up from Operations Research. The powerful tools of
Dynamic Programming (both deterministic and stochastic) as well as Markov chains
will be studied in depth.
• Deterministic Dynamic Programming: Optimal route problem, Equipment
replacement, Resource allocation, Optimal load problem;
• Stochastic Dynamic Programming: The preceding problems in a stochastic
• Markov Chains in Operations Research;
The module contains decisive knowledge for Students of MSISS.At the same time, it
consists a precise field ofapplication of the mathematical knowledges of Math

Teaching and learning Methods

Two lectures and one tutorial per week.

Assessment Details

Assessment ComponentBrief DescriptionLearning Outcomes Addressed% of totalWeek setWeek Due
Examination 24-hour examinationLO1, LO2, LO340N/AN/A
Assignment 1assessmentLO13056
Assignment 2assessmentLO23089

Reassessment Details

Examination (2 hours, 100%)

Contact Hours and Indicative Student Workload

Contact Hours (scheduled hours per student over full module), broken down by:33 hours
Laboratory0 hours
Tutorial or seminar11 hours
Other0 hours
Independent study (outside scheduled contact hours), broken down by:72 hours
Preparation for classes and review of material (including preparation for examination, if applicable41 hours
completion of assessments (including examination, if applicable)42 hours
Total Hours116 hours

Recommended Reading List

Full manuscripts and videos as well as corresponding exercises, will be provided by
the instructor to Students. Some auxiliary literature that deals for the mainstream
Operations Research follows.
Dimitri P. Bertsekas, Dynamic Programming and Optimal Control, Vol. I, 4TH EDITION,
Dimitri P. Bertsekas, Dynamic Programming and Optimal Control, Vol. II, 4TH EDITION:
Wintson, Operations Research: Applications and Algorithms, 2003.

Module Pre-requisites

Prerequisite modules: The module is designed to be self-contained. Philosophical
outcomes from STU22006 are welcome.

Other/alternative non-module prerequisites: knowledge of elementary probability.

Module Co-requisites


Module Website