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  • Complexity and Uncertainty in Business Decision-Making

Complexity and Uncertainty in Business Decision-Making

Short Overview

The purpose of the program is to expose business professionals to modern methods for optimally managing the complexities and uncertainties they face in their day-to-day decision-making. Although these methods are well-developed and well-established in the international academic literature and practice, their technical requirements usually deter business professionals from studying, understanding and applying them.

The main aim of this program is to cover these methods in such a way, so as to become accessible to business professionals with no special mathematical or computational knowledge. More specifically, the aim of the program is to familiarise the participants with quantitative and qualitative concepts that can offer (a) a more in-depth understanding of the problems the participants face and (b) methods and techniques (conceptual, quantitative and computational) that lead to optimal decisions, given the conditions of the problem.

The program’s framework has a wide range of applications, in many different aspects of business, such as in tourism, energy, resource management (e.g. fisheries, minerals), telecommunications and new technologies (R&D valuation for IT projects), human resource management, finance and investment appraisal.

Learning Goals
Successful completion of the program will offer participants with abilities to:
  • Analytically describe and model specific business problems from their professional experience
  • Identify, analyse and manage uncertainties and risks
  • Produce alternative “what-if” scenarios for modelling purposes
  • Evaluate alternative scenarios and choose the optimal course of action
  • Conduct sensitivity analysis
  • Communicate the conclusions drawn from all the above, through reporting
Program Value
The program exposes the participants to advanced methods for optimally managing problems that are characterised by complexity and uncertainty, in such a way that it is easy for professionals with no special (mathematical and computational) experience to follow and apply.
Evaluation Method And Final Grade Computation
The evaluation is based on two assignments, that aim to check the understanding of the quantitative methods and techniques developed during the program and the preparation of a case study from the business world with a combined application of the techniques presented in the program. Successful completion of the program and conferral of the training certificate requires a final grade of at least 50%.
Learning Method Description
The program uses the eLearning educational method: learning takes place purely asynchronously (that is, on days and hours that serve the trainee, without mandatory attendance at a specific time or day), exclusively remotely (using a special educational platform via the internet from the trainee's area) and using digital educational tools such as video lectures, interactive self-assessment exercises, and other elearning tools that ensure effective and flexible individual self-learning. The program's training material becomes available at specific time periods, based on the training path followed, and then remains available on the training platform without restrictions throughout the duration of the program.
Teaching Language
Application deadline: 15/05/2024
Program start: 22/05/2024
Program completion: 07/07/2024
Way to follow
ECTS units: 4
Hours of asynchronous training: 60
Includes training hours (indicative) using an asynchronous distance learning (eLearning) platform.
Additional hours of employment: 60
Additional hours of work are included (indicative) and may include individual study, writing assignments, participation in field visits, participation in exams, etc.
Total hours: 120
The total hours include hours of synchronous and asynchronous training, as well as additional hours of employment.
Weeks of training: 10
Weeks in which activities of any kind are planned are included.
Vocational Education and Training Certificate
Trainees who successfully complete the program are granted a Vocational Education and Training Certificate of the Center for Education and Lifelong Learning of the Athens University of Economics and Business, which is accompanied by a Supplement to the Certificate, detailing the subject of the program, the thematic units attended by the trainee , as well as the training methodology followed.
Target Audience
The program is ideal for (a) business professionals that daily face decisions that are characterised by complexity and uncertainty and (b) University graduates of any scientific discipline that want to be trained in the optimal business decision-making.
Prerequisite Knowledge
  • University/Technical Degree.
  • Basic computer skills (word processing, worksheets, browsers, email).
Scientific Responsible
Mode And Frequency Of Communication
Communication between trainers and trainees is purely asynchronous, via e-mails and/or personal messages through the training platform.
The total amount of tuition is €400 and is paid in two installments. The first installment, of €180, is paid as an advance payment before the start of the courses, to secure the place, and the second, of €220, is paid before the program is half completed. In the event of a discount, the above amounts are reduced proportionally. Especially in the case of a 20% discount, the above amounts are set at €320 (total amount), €180 (first installment - ??advance payment) and €140 (second installment).
Trainees are informed of the installment amounts and related deadlines via email upon their acceptance into the program.


46, Kefallinias Str., 11251, Athens

  • dummy kedivim-opa@aueb.gr

  • dummy+30 210 8203 912

For the in Class programs:

  • dummydz@aueb.gr

  • dummy+30 210 8203 916, 912, 914

For the eLearning Programs:

  • dummysecretary@elearning.aueb.gr

  • dummy+30 210 8203 753

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