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Description:
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This lecture explains an important aspect of mathematics, that is, how it is used by managers in everyday decisions. The lecture does not enter into the mathematical details but highlights how managers can benefit from a quantitative decision support in making hard decisions. It shows that the modern solution of many managerial problems requires not only a billiant intuition, but its development through a quantitative model (an abstraction of reality). Aspects related to the implementation of the model, to how to perform data analysis and sensitivity analysis are discussed, because they are nowadays an integrating part of the decision-making process. |