Quantitative Decision Making (FUN118, LT) | ISM

Quantitative Decision Making (FUN118, LT)


This is a practical course dealing with the mathematical models supporting decision making in various fields of social sciences and practical environment, i.e. management, economics, and politics. In particular, what-if analysis, forecasting, optimization, multi-criteria decision making and data analysis are dealt in the course. Computer spreadsheets are used all over the course.


Objectives of the course include:

  • to develop structural and algorithmic mindset in dealing with operational issues;
  • to develop necessary skills for problem formulation, setting goals and parameters of the problem, choosing relevant model, translating it into the spreadsheet, and justifying alternative solutions of the problem;
  • to develop skills of data analysis;
  • to develop skills of using computer spreadsheets.

Learning outcomes

  • To be able to develop a mathematical model for relevant  problems in economics, finance, and business.
  • To be able to select relevant methods for the analysis of mathematical models, to draw quantitatively justified conclusions and to choose the best alternative.
  • To be able to analyze the mathematical model by means of the computer spreadsheet.
  • To be able to analyze big arrays of data by means of the computer spreadsheet.