The DecisionTools Suite is a set of programs for risk analysis and decision making under uncertainty that runs in Excel. In this course, you will use Excel and the DecisionTools Suite to conduct simulation, risk and decision analysis on different business scenarios.
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(From Decision Making Under Uncertainty by David E. Bell and Arthur Schleifer, Jr., Course Technology Inc.) Sarah Chang, owner of a small electronics company, is considering submitting a proposal for an electronic timing system for the 2008 Olympic Games.
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Managers have to make either intuitive or rational decisions every day. However, the rational decision-making process is not always an option.
When things get turbulent.
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Operations Research II Decision Making Under Uncertainty .
Excel or Calc (the Open Office version of Excel).
You may have seen these processes in a.
I we learned how Classical Hypothesis Testing (CHT) helps us to make statistical decision based on probabilities of committing Type I and Type II errors. In this course we get a flavor of how based on limited information and under uncertainty with an eye on potential costs and benefits, decisions and estimation are made.
wanted to go farther in decision-analysis and economic modeling with less alteration of Excel's structure. But I found that there was a synergy between the development of the course and the
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In this approach, the decision-maker has information concerning the relative likelihood of each of the states of nature. It is sometimes called "decision making under uncertainty." The criterion used in decision-making strategy with probabilities is to select that decision so as to maximize the expected value of the outcome.