Decision Making under Uncertainty
Introduction
Modern firms require managers to make decisions effectively and efficiently using qualitative and quantitative approaches. In recent times, decision making in uncertain and risky environments has become a major attention to managers owing to its strong impact on profitability and efficiency. Business organizations are increasingly adopting integrated decision-making process to gain competitive advantages. Appropriate decisions could eliminate rework and losses to the firm. The selection of appropriate choice or strategy from the available options is complex when the multiple alternatives are involving in the process and it is even more complex when the attributes in these alternatives are conflicting, non-commensurable, and fuzzy in nature. In this context, this course is designed for imparting knowledge on fuzzy decision-making approaches to visualize the decision-making from fuzzy systems perspective. Multi-Attribute Decision Making (MADM) includes the basic concepts of certain and uncertain decision making and then focuses on their application procedures in business firms. This course uses case studies related to application of multi attribute decision making for effective learning to manage modern business firms and face challenges in competitive markets. Fuzzy Systems are based on the observation that people make decisions based on imprecise and non-numerical information. Fuzzy models or sets are mathematical means of representing vagueness and imprecise information (hence the term fuzzy). Fuzzy Systems has been applied to many fields of artificial intelligence. The aim of this course is to give an introduction to Decision Making under uncertainty and its various applications to Management.
Course Objectives
- To help in learning the theory of decision making and their applications in traditional and modern business firms.
- To help in improving the skills of using the MADM tools and techniques, in critical thinking especially in appropriate decision making in information systems.
- To make students learn applications of Fuzzy Logic in Multi Attribute Decision Making and Fuzzy applications in online business.
Eligibility
Candidates with 2+ years of managerial experience
Program Prerequisites
None
Target Segment/ Who Should Attend
This program is ideal for: Professionals who aspire to learn and adopt decision making under uncertainty practices to achieve greater value, create competitive advantage, and advance their career.
Type of Certificate
Participation
Total No. of Hours
12 hours
Fee
13500 + GST
Date
22th June to 23th June 2024
Mode
Online
Pedagogy
Lectures and Case Studies.
Course Content
In this context, this course is designed for imparting knowledge on fuzzy decision-making approaches to visualize the decision-making from fuzzy systems perspective. Multi-Attribute Decision Making (MADM) includes the basic concepts of certain and uncertain decision making and then focuses on their application procedures in business firms. It then focuses on MADM methods such as AHP, TOPSIS, Outranking, Utility and Fuzzy system based MADM methods. These models have the capability of recognising, representing, manipulating, interpreting, and using data and information that are vague and lack certainty. Fuzzy Systems has been applied to many fields of artificial intelligence.
Key Programme Highlights/USP
- Learn at one of India’s best business schools.
- Immersive hands-on learning through real-world caselets and group discussions
- Gain actionable insights from industry-oriented curriculum
Program Directors
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Key Attractions for sessions
- Learn at one of India’s best business schools.
- Immersive hands-on learning through real-world caselets and group discussions
- Gain actionable insights from industry-oriented curriculum