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Lecturer(s)
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Kovářová Kateřina, doc. Ing. Ph.D.
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Koutský Jaroslav, doc. RNDr. Ph.D.
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Course content
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Main Topics: 1. Introduction to managerial decision-making, basic concepts, classification of decision-making problems and processes. 2. Rational-economic and administrative models of decision-making, quality of decision-making, psychological traps, information for decision-making, and the role of experience and intuition in decision-making. 3. Solving decision-making problems, situation assessment, problem identification, and establishing a solution plan. 4. Selection of criteria, development of alternatives, and determination of their consequences. 5. Evaluation of decision alternatives ? specifics of multi-criteria decision-making, simple heuristic approaches to the selection of alternatives. 6. Methods of multi-criteria evaluation ? methods for determining weights and methods for the multi-criteria evaluation of alternatives. 7. Methods and tools for decision-making under risk and uncertainty. Subjective probabilities, attitudes to risk and utility functions, risk measurement. 8. Tools for determining the impacts of risky alternatives ? sensitivity analysis, decision matrices, scenarios, and Monte Carlo simulation. 9. Decision-making rules under risk and uncertainty ? classification of decision-making rules under risk and uncertainty, decision trees as a tool for optimising multi-stage decision-making processes under risk. 10. Participative decision-making ? the degree and influence of participation, advantages and disadvantages, selection of decision-making style, and types of decision-making models.
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Learning activities and teaching methods
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unspecified
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Learning outcomes
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The aim of the course Managerial Decision-Making is to familiarize students with the issue of managerial decision-making, including its content and scope. The course introduces the fundamental principles, methods, procedures, and techniques of decision-making. Students will acquire basic terminology and procedures, analyse situations, and apply them in management practice. After successfully completing the course, students will be able to use methods for analysing decision-making problems and apply evaluation methods and their selection. In corporate practice, they will also be able to identify the level of risk involved, choose appropriate tools, and understand the principles of risk management within an organisation.
After completing the course, the student will be able to: 1. Explain and describe the nature of managerial decision-making and the phases of decision-making processes; identify types of decision-making problems in practice. 2. Distinguish between decision-making under certainty, risk, and uncertainty, and select an appropriate approach and evaluation criteria for each context. 3.I dentify, describe, and compare basic decision-making methods, including their assumptions and limitations. 4. Apply selected methods to a specific problem: define objectives and criteria, determine weights, evaluate alternatives, and select a recommended solution. 5. Develop a simple decision tree and conduct a basic risk analysis (probabilities, expected values/utilities), including sensitivity analysis of key parameters. 6. Evaluate the quality of input data and uncertainty; interpret results and propose corrective or optimisation measures. 7. Present and justify recommendations to management; document the procedure, cite sources correctly, and reflect on the ethical implications of decisions.
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Prerequisites
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unspecified
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Assessment methods and criteria
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unspecified
The assessment of learning outcomes will be carried out through a semester project, which students may complete individually or in small teams. Students will select a real or model decision-making problem from practice (for example, from an organisation in which they work or from a fictional business case) and analyse the problem comprehensively. Based on the completed steps, students will formulate recommendations for managerial practice. The assessment will also include the presentation and defence of the project before the lecturer and fellow students, during which not only the quality of the project itself but also the students? ability to argue, interpret results, and respond to feedback will be evaluated.
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Recommended literature
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Vědecká knihovna UJEP, počítačová učebna FZS UJEP, sdílená místnost doktorandů, databáze typu Web of Science, SCOPUS, PubMed.
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[1] Alabdullah, T. T. Y., & Hussein, Z. A. A. (2023). Risk Management, Female Leadership and Project Management Performance: A study in Oman. International Journal of Scientific and Management Research, 6(6), 77-94.
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[1] Müller, R., Locatelli, G., Holzmann, V., Nilsson, M., & Sagay, T. (2024). Artificial intelligence and project management: Empirical overview, state of the art, and guidelines for future research. Project Management Journal, 55(1), 9-15..
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[2] Doležal, J., & Krátký, J. (2017). Projektový management v praxi: Naučte se řídit projekty. Grada..
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[2] Salameh, M., Taamneh, A., Kitana, A., Aburayya, A., Shwedeh, F., Salloum, S.. & Varshney, D. (2022). The impact of project management office?s role on knowledge management: a systematic review study. Comput. Integr. Manuf. Syst, 28(12), 846-863..
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[3] Dong, H., Dacre, N., Baxter, D., & Ceylan, S. (2024). What is agile project management? Developing a new definition following a systematic literature review. Project Management Journal, 55(6), 668-688..
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[3] Parsakia, K., Kazemi, S., & Saberi, S. (2023). Strategic management of technology in psychology: Implica-tions for decision-making. Health, 1(3), 83-89..
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[4] Hačkajlová, L. et al. (2022). Projektový management, Praha, VŠEM..
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