Component B: Demonstrating Critical Thinking in DMA

Task $3$: Quantitative Decision Analytics

All topics covered in Weeks $1-3$ will support you with this assessment.

Explain how you identified the problem and justify why you think you have identified it correctly.

Describe the background of the problem and the reason for its selection.

Describe the limitations and assumptions that may need to be considered.

You may also discuss the current practice and the existing difficulties.

Analyse the results and provide sensitivity analysis, if any.

Describe your computational difficulties and experiences. You may also mention the things you wanted to do but could not do due to time or other constraints.

Ensure that the topic and$/$or associated material is not$/$cannot be security classified.

A Few Decision Making Problems related to Quantitative Decision Analytics

A few possible examples of decision problems could be:

i$.$ Considering an MCDM technique to provide recommendations on the most suitable renewable energy sources for investment;

ii$.$ Finding the most suitable renting property after considering a few relevant attributes and then solving that by using an MCDM technique;

iii. Identifying the proper chatbots to replace a current job by using an MCDM technique;

iv$.$ Developing a Decision Tree to demonstrate sequential decision making under uncertainties;

v$.$ Selecting a supplier under current COVID$-19$ prone business policy $($with uncertainties$)$;

vi$.$ deciding on the proper end$-$of$-$life vehicle's recycling facility in Sydney by applying MCDM technique or any other quantitative technique.

This is a non$-$exhaustive list and you must select your problem based on your professional experience, real$-$life contexts or literature search.