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) recognize 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 to support business decision making.
Simulation, decision trees, value of information, expected utility theory, risk attitudes, stochastic dominance, risk measures, multi-attribute utility/value theory, modelling uncertainty and multiple objectives in optimization problems.
Eeva Vilkkumaa, Ilkka Leppänen
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).
Online learning environment for the course & Activating Aalto ID
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. 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 IDDigital workspace of the course: MyCourses
More details on completing the course will be available at MyCourses closer to the start of the course.
Contact teaching, individual work, exam.
Courses 30A01100 Taulukkolaskenta ja analytiikka / ISM-A1002 Johdatus data-analytiikkaan (Spreadsheet computation and analytics), 30A02000 Tilastotieteen perusteet (Introduction to statistics), and 30A03000 Talousmatematiikan perusteet (Introduction to business mathematics). Courses 30C00600 Tilastotieteen jatkokurssi / ISM-C1002 Tilastotieteen ja data-analytiikan jatkokurssi (Continuation course in statistics) and ISM-C1004 Business Analytics 1 are highly recommended. Equivalent studies in mathematics/statistics from another school/university are also acceptable.
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 2023-2024 is selected
From the blue bar, click Lecture and open the Groups and teaching times tabto see the teaching time and the location of the course. Exam times can be seen by clicking Exam.
Exam instructions at the Open University
Registration and course fee
Registration for Open University courses is done in Sisu-service.
Registration for this course starts on 11.12.2023 at 9.00
Registration for this course ends on 15.1.2024 at 23.59
The number of participants is limited to 3.
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 rulesAccess Token on Aalto University Campus
To be able to enter campus premises and classrooms you need the student access token of Aalto University. You can get the student access token from campus lobby services. The access token need to be activated with your Aalto account and password before you can use it. Please, arrive the campus well in advance before your first class so that you can make the access token work. Please, see the instructions how to get and activate the access token:How to get an access tokenOtaniemi Campus, Espoo:Campus mapFurther information
Substitutes course 30E02000 Business Decisions 2
Individual study arrangements
If you need individual study arrangements in order to attend a course, contact the Open University office ([email protected]) in good time, at least 14 days before the start date of the course or the examination date. Further information about individual study arrangements:
Individual study arrangements at Open University