Decision Science

A Systematic Approach to Decison Making
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  • Lectures 13
  • Length 1 hour
  • Skill Level Intermediate Level
  • Languages English
  • Includes Lifetime access
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    Available on iOS and Android
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About This Course

Published 11/2015 English

Course 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.

What are the requirements?

  • Knowledge of probability is desirable

What am I going to get from this course?

  • 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

What is the target audience?

  • Business Professonals
  • Students doing MBA

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.

Curriculum

Section 1: Introduction to Decison Science
02:16

This video tells you about the topics covered in this course.

05:52

This video introduces the decision science concept.

Section 2: Decison Making Under Certainty
03:36

This video tells you the meaning of decision making under perfect information

Section 3: 3 Decison Making Under Uncertainty
08:36

This lecture gives you the difference between uncertainty and risk.

03:46

This video teaches you how decison can be made using maximax approach under uncertainty.

03:37

This lecture will tell you about decison making using maximin approach.

02:07

This lecture tells you about Laplace criterion of decision making

04:08

This lecture will tell about Hurwicz criterion of decision making under uncertain condition.

05:00

This lecture will tell about minimum regret approach in decison making process.

Section 4: 3 Decison Making Under Risk
09:12

This video provides brief introduction on risk and decision making under risky situations. It also talk about expected monetary approach of decision making.

06:25

This video focuses on expected value of perfect information concept.

08:07

This video tells how decison can be made under risk with the help of an example using excel.

11:29

This video tells you about decision tree analysis. It discusses various concepts related to decison tree. Also provide example of decison tree analysis.

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Instructor Biography

Dr. Ash Narayan Sah, Data Scientist

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.

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