Decision Science
4.0 (2 ratings)
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Decision Science

A Systematic Approach to Decison Making
4.0 (2 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
1,374 students enrolled
Last updated 11/2015
English
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Includes:
  • 1 hour on-demand video
  • 1 Supplemental Resource
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I 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
View Curriculum
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 is the target audience?
  • Business Professonals
  • Students doing MBA
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Curriculum For This Course
Expand All 13 Lectures Collapse All 13 Lectures 01:14:11
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Introduction to Decison Science
2 Lectures 08:08

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

Preview 02:16

This video introduces the decision science concept.

Preview 05:52
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Decison Making Under Certainty
1 Lecture 03:36

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

Preview 03:36
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3 Decison Making Under Uncertainty
6 Lectures 27:14

This lecture gives you the difference between uncertainty and risk.

4 Introduction
08:36

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

Maximax Criterion
03:46

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

Maximin Criterion
03:37

This lecture tells you about Laplace criterion of decision making

Equally Likely Laplace Criterion
02:07

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

Hurwicz Criterion
04:08

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

The Minimax Regret Criterion
05:00
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3 Decison Making Under Risk
4 Lectures 35:13

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

Decison Making Under Risk
09:12

This video focuses on expected value of perfect information concept.

Expected Value of Perfect Information (EVPI)
06:25

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

Decison under Risk Example
08:07

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

Decision Tree
11:29
About the Instructor
Dr. Ash Narayan Sah
3.7 Average rating
3 Reviews
2,053 Students
6 Courses
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.