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Course Description

Knowing that uncertainty is a given in decision making, it's natural to think about how we might stack the odds in our favor. The more information we have about the possible outcomes, for instance, the better prepared we'll be to make the decision. In this lesson, you will consider some complex decision scenarios. Using decision analysis (with decision trees), you will explore the role uncertainty plays when making a sequence of decisions over time. As you make these decisions one after the other, the uncertainty connected to prior decisions is realized before we need to make subsequent decisions. You will explore how decision analysis enables you to build the realization of uncertainty into your initial decision through assigning value to perfect and imperfect information. In an experiment with risk-based games, you will experience risk aversion and the inconsistent decision making that can result.

Benefits to the Learner

  • Examine various methods of decision making using tools such as a decision tree to determine the best choices based on given information, risks, and probabilities
  • Utilize risk aversion tactics, calculate utility, generate utility curves, and assign value to perfect/imperfect information in order to create the best path to proper decision making
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Type
self-paced (non-instructor led)
Dates
Feb 19, 2019 to Dec 31, 2030
Total Number of Hours
1.0
Course Fee(s)
Regular Price $0.00
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