Decision-Making Under Uncertainty

Free!

0
language

Certificate on completion

Optional, paid

Category:

We are often faced with situations where we need to make decisions that have implications for personal and institutional goals. When there is uncertainty involved, we could either go with our gut feeling or take an analytical approach by characterizing the uncertainty, defining an objective, and evaluating the risk/payoffs of choices. This course is about the latter and is presented through the usage of example problem instances.

Add your review

COURSE LAYOUT

Week 1: Background and introduction: risk, uncertainty and variability; probability, random variables and expectation; optimization criteria; types of decisions

Week 2: One-time decisions: secretary problem; utility function; decision trees; TV game shows; Monte Hall problem; project evaluation

Week 3: Repeated decisions: newsvendor problem; buffering to manage uncertainty; safety stock for inventory; route planning; exploration vs. exploitation

Week 4: Sequential adaptive decision-making: strategic and operational; stochastic programming; Simpson’s Paradox; Markov decision process.

User Reviews

0.0 out of 5
0
0
0
0
0
Write a review

There are no reviews yet.

Be the first to review “Decision-Making Under Uncertainty”

Your email address will not be published.

×

    Your Email (required)

    Report this page
    Decision-Making Under Uncertainty
    Decision-Making Under Uncertainty

    Free!

    LiveTalent.org
    Logo
    Enable registration in settings - general