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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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## Lecture Topics: 1. Introduction to managerial decision-making, basic concepts, classification of decision problems and processes. 2. Rational?economic and administrative decision-making models, decision quality, psychological biases, information for decision-making, the role of experience and intuition in decision-making. 3. Solving decision problems, situation assessment, problem identification, and development of an action plan. 4. Selection of criteria, generation of alternatives, and determination of their consequences. 5. Evaluation of decision alternatives ? specifics of multi-criteria decision-making, simple heuristic approaches to selecting alternatives. 6. Methods of multi-criteria evaluation ? methods for determining weights and methods for evaluating alternatives. 7. Methods and tools for decision-making under risk and uncertainty. Subjective probabilities, risk attitude and utility functions, risk measurement. 8. Tools for assessing impacts of risky alternatives ? sensitivity analysis, decision matrices, scenario analysis. Monte Carlo simulation. 9. Decision rules under risk and uncertainty ? classification of decision rules, decision trees as a tool for optimising multi-stage decision processes under risk. 10. Participatory decision-making ? level and influence of participation, advantages and disadvantages, selection of decision-making style, 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 introduce students to the field of managerial decision-making, including its content and scope. The course presents the basic principles, methods, procedures, and techniques of decision-making. Students will acquire fundamental concepts and approaches, learn to analyse situations, and apply them in managerial practice. After successful completion of the course, students will be able to use methods for analysing decision-making problems and apply methods of evaluation and selection of alternatives. In organisational practice, they will be able to distinguish levels of risk, choose appropriate tools, and understand the principles of risk management within organisations.
After completing the course, the student will be able to: 1. Explain and describe the nature of managerial decision-making and the stages of decision processes; identify types of decision-making problems in practice. 2. Distinguish between decision-making under certainty, risk, and uncertainty, and select appropriate approaches and evaluation criteria for each context. 3. List, describe, and compare basic decision-making methods, including their assumptions and limitations. 4. Apply selected methods to a specific problem: define objectives and criteria, assign weights, evaluate alternatives, and select a recommended solution. 5. Construct a simple decision tree and perform 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 defend recommendations to management; document the process, correctly cite sources, and reflect on the ethical implications of the decision.
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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 process it in a comprehensive manner. Based on the steps carried out, students will prepare recommendations for managerial practice. The assessment also includes a presentation and defence of the project in front of the instructor and other students, during which not only the quality of the work but also the 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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