Introduction to Decision Making

Course Description

How to ensure focus, discipline, and passion when making important decisions. Comprehensive examples illustrate Decision Analysis fundamentals. Consulting case studies highlight practical solutions for real decisions. Topics: declaring when and how to make a decision, framing and structuring the decision basis, defining values and preferences, creating alternative strategies, assessing unbiased probabilistic judgments, developing appropriate risk/reward and portfolio models, evaluating doable strategies across the range of uncertain future scenarios, analyzing relevant sensitivities, determining the value of additional information, and addressing the qualitative aspects of communication and commitment to implementation. Required for all students are three problem sets, three in-class exams, and a take-home final exam. Students taking the course for 4 units of credit must also complete and present a team project that analyzes a decision currently being made by an organization of their choice. Not intended for MS&E majors.

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