Handbook

Risk Decisions provides a systematic, quantitative, and visual approach to addressing and evaluating important choices confronted by decision makers. They enable individuals and organisations to make better decisions by using a variety of Decision Analysis tools.

This course introduces Decision Analysis procedures, techniques, and tools which enable individuals and organisations to make better decisions by assessing all relevant information and evaluating decision outcomes to aid in the decision-making process. It focuses on the application of these structured approaches to develop solutions to decision problems involving uncertainty and multiple objectives. The course covers Decision Analysis tools used to model decisions, uncertainty, and preferences, including Decision Trees, Influence Diagrams, Sensitivity Analysis, Bayesian Networks, and Monte Carlo Simulation. It also covers the Decision Analysis approaches to incorporating risk attitudes in decision making and using Multi-criteria Decision Analysis.