Decision Analysis for Engineering    3 s.h

Catalog description

Review of probability and statistics, subjective probability, probability models, using data, Monte Carlo simulation, and value of information. Introduction to decision analysis, elements of decision problems, structuring decisions, making choices, creativity, and decision making. Risk attitudes, utility axioms, paradoxes, and conflicting objectives. Prereq.: ISEN 3710 Engineering Statistics or equivalent, or permission of instructor.