Decision & Risk Analysis

Catalog description

This course is an introductory treatment of modern perspective on analytical methodologies to support decision-making. Concepts of how to formulate, structure, analyze, and solve complex decision problems will be studied. These concepts will make use of: (1) influence diagrams and decision trees for modelingdecision problems, (2) Bayesian analysis as applied to decision analysis, (3) the concept and use of subjective probability, (4) the value of information, and finally (5) the use of probability models for solving decision problems. Components: Class Prereqs/Coreqs: P: C- or better in ENGRG 6050 OR in an undergraduate calculus-based statistics course OR consent of the instructor. Typically Offered: Fall - even year