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Course Description

Decision making is never as simple as we would like it to be, since rarely does a single factor alone predict an outcome. In a competitive business environment, not taking this uncertainty into account has serious costs. In this course, you’ll use foundations in probability to describe risk mathematically and incorporate those calculations into your decisions so you can take them to the next level. Working through increasingly complex modeling situations, you will learn to use estimates of probable future outcomes for Go/No-Go decisions and to run a Monte Carlo simulation allowing you to examine outcomes that vary based on multiple, interdependent decisions.

You are required to have completed the following courses or have equivalent experience before taking this course:

  • Understanding and Visualizing Data
  • Implementing Scientific Decision Making
  • Using Predictive Data Analysis

Faculty Author

Chris Anderson

Benefits to the Learner

  • Calculate marginal value for a binary decision
  • Determine optimal values for a repeating, sequential decision
  • Build risk aversion into your model
  • Calculate utility for a given decision
  • Develop and use a Monte Carlo simulation
  • Perform sensitivity analysis Use expected utility to accommodate risk

Target Audience

  • Analysts
  • Functional Managers
  • Executives
  • Consultants
  • Any professional that uses data to make business decisions

Accrediting Associations

Applies Towards the Following Certificates

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Type
3 week
Dates
Nov 20, 2024 to Dec 10, 2024
Total Number of Hours
15.0
Course Fee(s)
Contract Fee $0.00
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3 week
Dates
Jan 01, 2025 to Jan 21, 2025
Total Number of Hours
15.0
Course Fee(s)
Contract Fee $0.00
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3 week
Dates
Feb 12, 2025 to Mar 04, 2025
Total Number of Hours
15.0
Course Fee(s)
Contract Fee $0.00
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3 week
Dates
Mar 26, 2025 to Apr 15, 2025
Total Number of Hours
15.0
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Contract Fee $0.00
Type
3 week
Dates
May 07, 2025 to May 27, 2025
Total Number of Hours
15.0
Course Fee(s)
Contract Fee $0.00
Type
3 week
Dates
Jun 18, 2025 to Jul 08, 2025
Total Number of Hours
15.0
Course Fee(s)
Contract Fee $0.00
Type
3 week
Dates
Jul 30, 2025 to Aug 19, 2025
Total Number of Hours
15.0
Course Fee(s)
Contract Fee $0.00
Type
3 week
Dates
Sep 10, 2025 to Sep 30, 2025
Total Number of Hours
15.0
Course Fee(s)
Contract Fee $0.00
Type
3 week
Dates
Oct 22, 2025 to Nov 11, 2025
Total Number of Hours
15.0
Course Fee(s)
Contract Fee $0.00
Type
3 week
Dates
Dec 03, 2025 to Dec 23, 2025
Total Number of Hours
15.0
Course Fee(s)
Contract Fee $0.00
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