Applying Chance & Risk to Life & Business
- No prior knowledge other than basic arithmetic is required
Learn the basic concepts and tools to help you make better decisions under uncertainty, take calculated risks, and reduce the stress and regrets that often come with decision making.
Use probabilistic thinking to increase your chance of success and manage risks.
- The laws of probability that govern our life
- Biases and fallacies that often distort our decision making
- Making decisions under uncertainty
- Taking calculated risks in life and business
- Reducing stress in decision making
- Reducing regrets about past decisions
Improve your real life decision making and reduce stress and regrets
Every day, we have to make decisions but we are often unsure of what to do because of the risks and uncertainties involved. Many of us often regret decisions both big and small, but there are actually many ways we can improve our decision-making and risk management, and reduce the stress and regrets about decisions.
Content and Overview
In this course, our goal is to better understand randomness and uncertainty and learn tools to help us make more educated risks. We'll talk about the different biases we all experience in our intuitive thinking, and then learn how to re-train our brains to approach everyday problems differently.
Using probability theory and a bit of math, we'll discuss how to make decisions rationally and efficiently. But don't worry—no math background other than being able to add, subtract, divide, and multiply is required! We'll learn how to make better financial decisions, take smarter risks, and improve nearly every aspect of our lives. Each video is short and concise but filled with interesting and helpful material. Each one is animated, to ensure we grasp the concepts completely, and they all contain engaging, relatable real-life examples. Using these tools, anyone can learn to improve their decision-making, which leads to ultimately minimizing the number of regrets they have. If you'd like to live a more worry-free life with fewer regrets, this course is for you.
Who this course is for:
- Anyone who would like to improve their decision making and risk management
- 04:25Thinking Modes
- 07:06Randomness and Thinking Flaws
Hossein Pishro-Nik (MBA, PhD) is a faculty member in the Department of Electrical and Computer Engineering at the University of Massachusetts Amherst. He has a Ph.D. in Electrical and Computer Engineering from Georgia Institute of Technology. His research interests include Information Theory, Coding Theory, and analysis of wireless networks. He is the author of a textbook entitled “Introduction to Probability, Statistics, and Random Processes".