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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.

The courses Understanding and Visualizing Data, Implementing Scientific Decision Making, and Using Predictive Data Analysis are required to be completed prior to starting this course.

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

Applies Towards the Following Certificates

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Enroll Now - Select a section to enroll in

Type
3 week
Dates
Jun 30, 2021 to Jul 20, 2021
Total Number of Hours
10.0
Course Fee(s)
Standard Price $1,380.00
Type
3 week
Dates
Jul 21, 2021 to Aug 10, 2021
Total Number of Hours
10.0
Course Fee(s)
Standard Price $1,380.00
Type
3 week
Dates
Aug 11, 2021 to Aug 31, 2021
Total Number of Hours
10.0
Course Fee(s)
Standard Price $1,380.00
Type
3 week
Dates
Sep 01, 2021 to Sep 21, 2021
Total Number of Hours
10.0
Course Fee(s)
Standard Price $1,380.00
Type
3 week
Dates
Sep 22, 2021 to Oct 12, 2021
Total Number of Hours
10.0
Course Fee(s)
Standard Price $1,380.00
Type
3 week
Dates
Oct 13, 2021 to Nov 02, 2021
Total Number of Hours
10.0
Course Fee(s)
Standard Price $1,380.00
Type
3 week
Dates
Nov 03, 2021 to Nov 23, 2021
Total Number of Hours
10.0
Course Fee(s)
Standard Price $1,380.00
Type
3 week
Dates
Nov 24, 2021 to Dec 14, 2021
Total Number of Hours
10.0
Course Fee(s)
Standard Price $1,380.00
Type
3 week
Dates
Dec 15, 2021 to Jan 04, 2022
Total Number of Hours
10.0
Course Fee(s)
Standard Price $1,380.00
Type
3 week
Dates
Jan 05, 2022 to Jan 25, 2022
Total Number of Hours
15.0
Course Fee(s)
Standard Price $1,380.00
Type
3 week
Dates
Jan 26, 2022 to Feb 15, 2022
Total Number of Hours
15.0
Course Fee(s)
Standard Price $1,380.00
Type
3 week
Dates
Feb 16, 2022 to Mar 08, 2022
Total Number of Hours
15.0
Course Fee(s)
Standard Price $1,380.00
Type
3 week
Dates
Mar 09, 2022 to Mar 29, 2022
Total Number of Hours
15.0
Course Fee(s)
Standard Price $1,380.00
Type
3 week
Dates
Mar 30, 2022 to Apr 19, 2022
Total Number of Hours
15.0
Course Fee(s)
Standard Price $1,380.00
Type
3 week
Dates
Apr 20, 2022 to May 10, 2022
Total Number of Hours
15.0
Course Fee(s)
Standard Price $1,380.00
Type
3 week
Dates
May 11, 2022 to May 31, 2022
Total Number of Hours
15.0
Course Fee(s)
Standard Price $1,380.00
Type
3 week
Dates
Jun 01, 2022 to Jun 21, 2022
Total Number of Hours
15.0
Course Fee(s)
Standard Price $1,380.00
Type
3 week
Dates
Jun 22, 2022 to Jul 12, 2022
Total Number of Hours
15.0
Course Fee(s)
Standard Price $1,380.00
Type
3 week
Dates
Jul 13, 2022 to Aug 02, 2022
Total Number of Hours
15.0
Course Fee(s)
Standard Price $1,380.00
Type
3 week
Dates
Aug 03, 2022 to Aug 23, 2022
Total Number of Hours
15.0
Course Fee(s)
Standard Price $1,380.00
Type
3 week
Dates
Aug 24, 2022 to Sep 13, 2022
Total Number of Hours
15.0
Course Fee(s)
Standard Price $1,380.00
Type
3 week
Dates
Sep 14, 2022 to Oct 04, 2022
Total Number of Hours
15.0
Course Fee(s)
Standard Price $1,380.00
Type
3 week
Dates
Oct 05, 2022 to Oct 25, 2022
Total Number of Hours
15.0
Course Fee(s)
Standard Price $1,380.00
Type
3 week
Dates
Oct 26, 2022 to Nov 15, 2022
Total Number of Hours
15.0
Course Fee(s)
Standard Price $1,380.00
Type
3 week
Dates
Nov 16, 2022 to Dec 06, 2022
Total Number of Hours
15.0
Course Fee(s)
Standard Price $1,380.00
Type
3 week
Dates
Dec 07, 2022 to Dec 27, 2022
Total Number of Hours
15.0
Course Fee(s)
Standard Price $1,380.00
Type
3 week
Dates
Dec 28, 2022 to Jan 17, 2023
Total Number of Hours
15.0
Course Fee(s)
Standard Price $1,380.00
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