What you'll learn
- Understand the meaning of decison science
- Learn the various elements of decison science
- Decison making under Uncertainty
- Decison making under risk
- Learn Expected Monetary Value Approach
- Understand Expected Value of Perfect Information
- Understand the concept of Decison Tree
Requirements
- Knowledge of probability is desirable
Description
This course offers a systemetic method of decison making. Decison making process invloves formulation of decison alternatives, states of nature and payoffs. These elements are explained in this course in detail.
Decison making under uncertainty where you have idea of various states of nature and you are not in position to provide probability estimate, this course will tell you about various criterion by which you can make decison.
Decison making under risk where you are you are not only aware about the various states of nature but also you have probability estimates for these states of nature. In this situation how you can make decison using expected monetary value approach.
This course also talk about decison tree. It's non-technical.
Who this course is for:
- Business Professonals
- Students doing MBA
Instructor
- 3.4 Instructor Rating
- 52 Reviews
- 4,525 Students
- 7 Courses
I am Ash Narayan Sah working as assistant professor in the area of Economics and Econometrics in Thapar University, Patiala. I am a doctorate in Economics. I started doing my specilization in the economics area after my 12th. I completed my graduation in economics with honours from Utkal University in 1997. I did my master in economics from Hyderabad Central University, Andhra Pradesh in 2000. I also did my M.Phil in Economics and after M.Phil, I enrolled for my PhD in Financial Economics in Hyderabad Central University. After completion of my PhD, I joined as an assistant professor in University of Petroleum and Energy Studies, Dehradun in January 2007. I worked for 5 years in University of Petroleum and Energy Studies and taught basic econometrics course and mangerial economics to MBA students. During my stay at University of petroleum and Energy Studies, I realized the need of data analysis book using MS Excel for students of business studies. And then I decided to author my first book titled 'data Analysis using MS Excel', which published in 2009. after that I published another book titled ' Statistics for Management using MS Excel', which got published in 2013. I am having eight years teaching experience. In addition, I have also published few research papers. My expertise also extends in doing econometric and statistical analysis using several softwares like SPSS, Eviews, and MS Excel.