Course information
Learning outcomes
Management Science uses analytical models to help make better business decisions. This course focuses on models for supporting decision making under uncertainty, risk and multiple objectives. After taking the course the student can (i) recognise the types of real-life business problems where the use of models adds value, (ii) interpret results of these models to derive defensible decision recommendations, and (iii) build and solve these models computationally, using spreadsheet models and programming scripts, to support business decision making.
Content
Simulation, decision trees, value of information, expected utility theory, risk attitudes, stochastic dominance, risk measures, multi-attribute utility theory, modelling uncertainty and multiple objectives in optimisation problems.
Teacher
Ilkka Leppänen
Study material
Lecture slides, articles and web resources, assignments, computer implementations of mathematical models, textbook (An Introduction to Management Science by Anderson et al., 2022 or older editions).
Workload
Contact teaching, individual coursework, exam
Prerequisites
Recommended prerequisites: ISM-A1002 Johdatus data-analytiikkaan / Introduction to data analytics; 30A02000 Tilastotieteen perusteet / Introduction to Statistics; ISM-C1003 Mathematical tools for analytics;
Highly recommended: ISM-C1002 Tilastotieteen ja data-analytiikan jatkokurssi / Advanced course in statistics and data analytics; ISM-C1004 Business Analytics 1;
Equivalent studies in mathematics/statistics from another school/university are also acceptable. Basic skills in a programming language such as Python / R are highly useful.
Evaluation
Coursework and exam
Teaching time and location
The teaching time and the location of the course can be found at Sisu information system
- The link leads to Completion methods tab of the course page
- From the top of the page (Version drop-down menu), check that academic year 2025-2026 is selected
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From the blue bar, click Lecture and open the Groups and teaching times tab to see the teaching time and the location of the course. Exam times can be seen by clicking Exam.
Exam instructions at the Open University
The teacher has four (4) weeks to grade the exam submissions starting from the exam date.
Further information
Substitutes course 30E02000 Business Decisions 2
Online learning environment for the course
MyCourses online learning environment is a tool for both students and teachers for communication and managing everyday course work. You need an Aalto User ID to log in to the course's MyCourses workspace and participate in teaching.
Digital workspace of the course:
MyCourses
More details on completing the course will be available at MyCourses closer to the start of the course.
Registration and course fee
Registration for Open University courses is done via the link below:
Course registration
Registration for this course starts on 8.12.2025 at 9.00
Registration for this course ends on 12.1.2026 at 23.59
It is not possible to register before the registration period has started or after it has ended.
The number of participants is limited to 10.
This course is organized by the Aalto University School of Business.
The course fee is paid upon registration for each course at a time and it is binding. Familiarize yourself with registration and payment rules as well as other guidelines for students:
Registration, payments and rules
Activating Aalto ID and Multifactor Authentication
You can activate your Aalto User ID the day after the registration and you should activate it no later than the day before the start of the course.
Instructions for activating your Aalto user ID
Once you have activated your Aalto user ID, also enable multifactor authentication. Some of Aalto University's services require multifactor authentication.
Instructions for using Multifactor Authentication
