ANNOTATION OF THE ACADEMIC DISCIPLINE
JUSTIFICATION OF ECONOMIC DECISIONS AND RISK ASSESSMENT
1. Purpose of the Course
To acquaint students with the technology of decision-making, the basics of modern economic riskology and, based on the acquired systematized information, to form a comprehensive system of knowledge and practical skills regarding the justification of economic decisions with varying degrees of uncertainty and risk.
2. Interdisciplinary Connections
Interdisciplinary connections of the discipline "Justification of economic decisions and risk assessment" are determined by the features of bachelor's training and based on the theoretical foundation of entrepreneurship and methodological provisions of related economic disciplines, such as business economics, management, statistics, probability theory, basics of riskology, etc.
3. Learning Outcomes, Teaching Methods, and Assessment Tools
The table below presents teaching methods and assessment tools for the discipline "Justification of economic decisions and risk assessment" in relation to the expected learning outcomes:
Learning outcomes by academic discipline | Teaching Methods | Diagnostic tools / assessment forms |
Code | Learning outcomes |
1. | Knowledge: |
1.1 | The essence of the concepts "business solutions", "optimal forms of presentation and implementation of business solutions; "identification and qualitative and quantitative risk analysis", "game theory", "utility", "insurance and risk transfer"; management concepts of risk management; characteristics of types of risks | lecture, seminar class, discussion | Presentation of results, survey, test, case-study, control exercises, modular work, test |
1.2 | the content of the processes of justifying business decisions in conditions of uncertainty, which require the application of new approaches, elements of game theory and utility theory |
1.3 | methods and technologies of qualitative and quantitative assessment of possible risks, socio-economic consequences of business decisions | lecture, seminar-discussion with elements of analysis, solving specific problems and situations, case analysis |
1.4 | substantive differences in the types of scenarios and development strategies in the implementation of financial and investment decisions |
1.5 | statistical and mathematical methods for modelling the results of the selected economic decision | |
2. | Skills / Competencies: |
2.1 | apply the acquired knowledge to identify, set and solve tasks and practical situations in the company's activities in conditions of uncertainty, variability and risk | lecture, seminar class, solving specific problems lecture, seminar class, discussion | Presentation of results, survey, test, case-study, control exercises, modular work, test |
2.2 | develop and substantiate business decisions based on a set of methods and models, a system of indicators for the economic justification of business decisions |
2.3 | to solve problematic issues and non-standard situations in professional activity under conditions of uncertainty, risks and conflicts | lecture, solving specific problems and situations |
2.4 | carry out identification, analysis and assessment of risk and socio-economic consequences of future economic decisions, using computer technology and software-mathematical complexes; | lecture, seminar class, solution of situational exercises |
2.5 | justify decisions in conditions of uncertainty, which require the application of new approaches, elements of game theory and utility theory | lecture, seminar class, solution of situational exercises |
2.6 | economically substantiate directions and methods of regulating business risks at the enterprise. | lecture, seminar-detailed conversation, seminar-discussion, solution of situational exercises |
2.7 | to develop scenarios and development strategies in the implementation of financial and investment decisions |
3. | Communication: |
Development of practical teamwork skills in students, namely: | seminar class, discussion, solving specific problems and situations | Verification of the performance of calculation works, case-study, verification of the performance of solved specific tasks and situations, presentation, test |
3.1 | Effective Information Delivery– Communicating ideas, problems, solutions, personal experiences, and arguments clearly and persuasively |
3.2 | Teamwork and Responsibility– Demonstrating the ability to collaborate within a team, take responsibility, and contribute to achieving common goals. |
3.3 | Professional Communication– Engaging in oral and written discussions on economic matters with business stakeholders to support business growth and development |
3.4 | Problem-Solving and Proposal Development– Identifying deficiencies, errors, and deviations, and formulating well-founded recommendations for their resolution |
4. | | Responsibility and Autonomy |
demonstrate an understanding of personal responsibility and the ability to bear responsibility for making professional or managerial decisions or given recommendations that may affect the development of the company | seminar class, discussion, solving specific problems and situations, analytical report | Checking the performance of calculation works, case-study, modular work, test |
4.1 | forming judgments that take into account social, scientific and ethical aspects |
4.2 | organization and management of professional development of individuals and groups |
4.3 | when justifying operational, tactical and strategic management decisions regarding the financial and economic aspects of the enterprise's development. |
4.4 | while producing one's own practical ideas based on the principles of academic culture and integrity |
4.5 | with the ability to continue learning with a significant degree of autonomy |
4.6 | with the ability to independent and independent thinking |
3.The content of the discipline offered for study by students by modules and topics.
1. Essential characteristics of economic decisions.
2. Technology and peculiarities of decision-making in economic activity.
3. Methodological foundations of the development of economic solutions.
4. Justification of business decisions and assessment of their effectiveness.
5. Forecasting and analysis of economic decisions
6. Uncertainty as the root cause of business risk.
7. Decision-making criteria in conditions of uncertainty.
8. Theory of usefulness in the system of decision-making processes.
9. Entrepreneurial risks and their impact on business decision-making.
10. Criteria for making business decisions under risk conditions.
11. Making decisions in conflict situations.
12. Justification of financial and investment decisions under risk conditions.
13. Qualitative assessment of entrepreneurial risks.
14. Quantitative assessment of entrepreneurial risks.
15. Basics of risk management
16. Directions and methods of regulation and risk reduction.
4. Teaching Faculty and Contact Information
Svitlana Mykhailivna Klymenko, PhD in Economics, Associate Professor, Department of Business Economics and Entrepreneurship, Kyiv National Economic University named after Vadym Hetman.
Email: klymenko.svitlana@kneu.edu.ua
4. Recommended Information Sources
1. Ignashkina T. B., Honcharuk O. V., Kerbikova A. WITH. Justification of business decisions and risk assessment. Part 1: study guide. – Dnipro: NMetAU, 2021. – 106 p.
2. Petrunya Yu. E., Litovchenko B. V., Pasichnyk T. AT. etc. Making managerial decisions: a study guide; under the editorship Yu.E. Petruni 4th ed., revised. and additional - Dnipro: University of Customs and Finance, 2020. - 276 p.
3. Risk management: an educational visual guide for students of the specialty 073 "Management" / M. AT. Kravchenko, K. AT. Boyarynova, K. AT. Kopishinska ; KPI named after Igor Sikorsky. – Electronic text data (1 file: 18 MB). – Kyiv: KPI named after Igor Sikorskyi, 2021. – 432 p.
Last redaction: 13.02.25