When you complete this course, you will be able to:
Many business decisions will involve an element of risk and uncertainty. This CPE course looks at how risk and uncertainty can be built into the decision making process. It explores, in depth, the probabilities and expected values, including histograms, utility theory, advantages and disadvantages of expected values, and standard deviations. This course also includes information on pay-off tables and decision criteria, maximax, maximin and minimax regret, as well as decision trees and multi-stage decision problems. In addition, there are multiple illustrations throughout to help in gaining an understanding of risk and uncertainty in the decision making process.