FIT3158Lecture9

.pdf
School
University of California, Los Angeles **We aren't endorsed by this school
Course
ENGL 10A
Subject
Management
Date
Oct 28, 2023
Pages
69
Uploaded by archietush22 on coursehero.com
FIT3158 Business Decision Modelling Lecture 9 Decision Making under Risk and Uncertainty
Topics Covered: 2 Discuss characteristics of decision problems Exploring non-probabilistic methods - Maximax, Maximin and Minimax-regret decision rules Exploring probabilistic methods - EMV and EOL decision rules & the expected value of perfect information Representing and solving decision problems using decision trees Understanding Bayes's Theorem
Introduction to Decision Analysis Models: - Can help managers gain insight & understanding, but they can't make decisions. Decision making remains a difficult task: - Uncertainty regarding future events, - Conflicting values or objectives. 3
Page1of 69
Uploaded by archietush22 on coursehero.com