Decision Analysis

Catalog description

This course provides an overview of decision analysis, a technique for the systematic evaluation of choices under varying degrees of uncertainty. Complex decision problems are decomposed into separable components and analyzed via the following tools: scalable decision process, probability and statistics theory, decision tree analysis, expected monetary value and risk management. Additionally, the course focuses on capital investment measures of merit, as well as the structure, assessment, evaluation, and execution of decision making. The course also provides an in-depth analysis of decision traps and heuristics. The course has a heavy emphasis on capital investment and other critical resource decisions.