Study module

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A220A0550 Advanced Decision-making, 6 cr 
Code A220A0550  Validity 01.08.2014 -
Name Advanced Decision-making  Abbreviation Advanced Decisi 
Credits6 cr   
TypeBasic studies  
  Grading scaleStudy modules 0-5,P/F 
  Eligibility for post-graduate studiesno
    Allowed to study several timesno
Organisation LUT School of Business and Management 

Jan Stoklasa 

Description by Study Guide

Location: Lappeenranta
If the course enrollment is more than the course maximum, then students are accepted in the following order: students from the MBAN and MSF programmes, other master's programme students, other students.


M.Sc. (Econ. & Bus. Adm.) 2



Teaching Language 


Teacher(s) in Charge 

Post-doctoral researcher, D.Sc. (Tech.) Jan Stoklasa


The students learn the principles of some modern methods for multiple criteria decision-making, decision analysis, and about systems for supporting decision-making. Students learn about the history of decision-support and operational research and understand that there is a constant evolution in decision support methods. Students are able to understand the benefits of modern decision-support methods in real world business situations. Students can put some models and analysis methods into use with MATLAB or Excel, where applicable and solve real-life decision-making problems using the methods.


Core content: This course covers the main topics of multiple criteria decision making under certainty, uncertainty and risk. The topics discussed during the course therefore include: principles of decision making under certainty, uncertainty, risk and ignorance, multiple criteria decision-making (MCDM) and evaluation methods (TOPSIS, AHP), the use evaluations of absolute and relative type, efficiency assessment models (DEA), game theory (non-cooperative games of two players, cooperative games of two players with/without transferable gains, games against nature), validation of decision support systems and models and sensitivity analysis. MATLAB and Excel are used to build the models and solve assignments, to showcase the practical application of the presented methods. Additional content: The history of operational research is summarized. Additionally, fuzzy logic in decision-making is also covered, along with topics such as decision-support systems (DSS), expert systems and optimization. Special content: The course also introduces students to the basics of multiple expert decision-making and reaching consensus, Delphi method.

Teaching Methods 

Lectures and exercises approximately 24 h, reading materials and preparation for the lectures (60 h) & the exam (76 h). Course work, which will reduce the number of hours needed for lecture & test preparation. Total workload for the student 160 h.

Examination in Examination schedule (Yes/No) 


Examination in Moodle (Yes/No) 


Examination in Exam (Yes/No) 


Assessment scale and assessment methods 

Grade 0-5, based on a written exam. Bonus points can be awarded for homework assignments.

Course Materials 

Lecture materials, Assigned reading and assigned course books MATLAB / Octave materials available on the mathworks www-site Mengov, G.: Decision Science: A Human-Oriented Perspective, Springer, 2015. Srinivasan, R.: Strategic Business Decisions - A Quantitative Approach, Springer, 2014. San Cristóbal, J. R.: Multi Criteria Analysis in the Renewable Energy Industry, Springer, 2012.


Required: BM20A4301 Johdatus tekniseen laskentaan or BM20A5001 Principles of Technical Computing

Suggested: A210A0601 Information Systems in Corporate Management and Decision-Making

Limitation for students? (Yes, number, priorities/Leave empty) 

Yes, 80. If the course enrollment is more than the course maximum, then students are accepted in the following order: students from the MBAN and MSF programmes, other master's programme students, other students.

Places for exchange-students? (Yes, number/No) 


Places for Open University Students?(Yes, number/No) 



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Upcoming exams
Functions Name Type cr Teacher Timing
Register Advanced Decision-making  EXAM  Jan Stoklasa 
08.04.20wed 16.15-19.15