IN/0080 - DECISIONAL METHODS IN ECONOMY
Academic Year 2020/2021
Free text for the University
MASSIMO DI FRANCESCO (Tit.)
- Teaching style
- Lingua Insegnamento
|[70/72] CIVIL ENGINEERING||[72/00 - Ord. 2013] PERCORSO COMUNE||5||50|
1. Knowledge and understanding skills.
This course is provided to the students attending the 2nd year of the Bachelor Degree in Civil Engineering. The course is designed to introduce students to the fundamental techniques of using data and quantitative models using the concepts of probability, statistical inference, simulation and optimization. The various topics are introduced from realistic case studies or examples, which are adopted to infer the fundamental concepts for addressing problems successfully. Next, the methods are run and the outcomes are discussed. Generally speaking, this course aims to teach students how these quantitative methods can make a difference in several areas (e.g. engineering and economics), when they are wisely used.
2. Ability to apply knowledge and understanding.
Students must demonstrate their problem-solving ability. They must identify and use the fundamental concepts to solve realistic problems. The ability will be tested by three write-ups.
3. Autonomy of judgment.
Students will develop autonomy of judgment in analysing their realistic problem, discussing the utilization of data, checking the viability of the proposed methodologies and discussing outcomes.
4. Communicative Skills.
Write-ups will enable students to develop the skills requested to present their work in an ordered and coherent way. Speaking skills will be evaluated in an oral interview, when write-ups will be presented and the theoretical understanding will be checked.
5. Learning Skills.
The course provides students with adequate preparation to understand more advanced books of Probability, Statistics and Operations Research. Therefore, it enables them to expand their knowledge autonomously in the future.
1. Knowledge. The course requires a good understanding of the basic concepts of Mathematics, which can be learned in the first year of the Bachelor Degree program in Civil Engineering.
2. Skill. Students should be able to apply basic methodologies of mathematical analysis (e.g. graph of elementary functions, calculation of derivatives and integrals).
3. Competences. No prior technical expertise is required.
Prerequisite courses. According the regulation of the Course in Civil Engineering, the exams of “Analisi matematica 1”, “Geometria e algebra”, “Fisica 1” must be taken and passed before the exam of “Metodi Decisionali per l’Economia”.
Decision Analysis (2 hours)
Fundamentals of Discrete Probability (18 hours)
Continuous Probability Distributions and their Applications (6 hours)
Statistical sampling (8 hours)
Simulation Modeling: Concepts and Practice (2 hours)
Regression models: Concepts and Practice (6 hours)
Linear and discrete optimization (8 hours)
Students are requested to demonstrate their knowledge of the specific terminology, the concepts presented during lectures and the know-how to use them for solving realistic problems. Students are evaluated by an oral interview on the theoretical topics and the analysis of three write-ups, which will be presented in the same interview.
The three write-ups cover Decision Analysis, Simulation or Linear Regression, (Linear or Discrete) Optimization. The write-ups must be typically made in cooperation with another student, are supervised by the professor and contribute to 3/5 of the maximum mark. The interview on the theoretical topics contributes to 2/5 of the maximum mark. The final mark is the sum of the previous marks.
• The final mark ranges between 18/30 and 22/30 in the case of sufficient knowledge of the specific terminology, correct application of the methodological concepts and sufficient presentation of the concepts and results.
• The final mark ranges between 22/30 and 26/30 in the case of good knowledge of the terminology, good application of the methodological concepts and a good presentation of concepts and results.
• The final mark ranges between 27/30 and 30 cum laude in the case of an excellent mastery of specific terminology, a critical application of the methodological concepts and a clear display of concepts and results.
Verification of learning
The course consists of 50 hours of lectures. The professor provides regular support to students throughout the course by ad-hoc meetings and e-mails.
Dimitris Bertsimas and Robert Freund "Data, Models and Decisions, The fundamentals of Management Science", 2004, Dynamic Ideas. ISBN0-9759146-0-X
M.R. Spiegel, J. Shiller, R. Alu Srinivasan. Probability and Statistics – Third Edition. McGraw-Hill, 2009. ISBN: 978-0-07-154426-9
The main teaching-supporting tool is the elearning platform (https://elearning.unica.it/), where additional information is available (e.g. a course diary reporting the topics of each lesson and further teaching files).