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Course Description
Decision Analysis (DECS-450-0)
1.00 Credit
Description:
This course counts toward the following majors: Analytical Consulting, Decision Sciences. This course presents a normative approach to making decisions in one's personal and professional life. The first half of the course introduces the fundamentals of decision analysis: probabilistic modeling, preference modeling, the five rules of actional thought, decision tree construction and rollback, and the value of imperfect and perfect information. The second half of the course stresses how decision analysis is used in real-world practice. Topics include sensitivity analyses, influence diagrams, stochastic dominance, probabilistic encoding and tornado diagrams. A major component of the course is a group project in which students use the tools presented in the course to address a real-world decision problem of their own choosing.
Prerequisites:
All Students: DECS-433-0 OR DECS-436-0 OR IEMS 471-1 OR OPNS-440-0 OR OPNS-440-A
Corequisites:
None
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