About Course
Decision Making Under Uncertainty II
Most of us studied probability and statistics in high school, college, or as part of our MBA program. We understand the fundamental concepts and may even apply them to our judgments and decisions regularly! What most of us aren’t aware of, however, are the numerous ways in which we might be de-railed when employing principles from Probability and Statistics to make decisions! The various blunders that are frequently made, as well as the numerous misunderstandings that we have. Sampling and statistics are used to assess probability and dangers.
The human brain isn’t equipped to understand probability or statistics intuitively. According to brain researchers, mathematical truths make little intuitive sense to our minds, particularly when dealing with random and non-random outcomes, or when dealing with vast amounts of data. As a result, we unconsciously and instinctively make several mistakes while analyzing risks and opportunities.
This Decision Making Under Uncertainty course will assist you in learning about, and attempting to avoid and reduce, such errors and misunderstandings. It will be beneficial to everyone, but notably to leaders and managers, whose different judgments and decisions have the potential to affect a large number of people, companies, and countries!
Who should take this Decision Making Under Uncertainty course:
Leaders and managers who wish to avoid making mistakes in statistics and probability when making choices.
Management Students, as well as anyone else who wants to use Probability and Statistics more precisely and successfully, can benefit from this book.
Anyone who wishes to ensure that when utilizing Probability and Statistics, they don’t fall into the numerous misconceptions and misleading dangers for leaders and managers who want to avoid making mistakes in statistics and probability when making choices.
Management Students, as well as anyone else who wants to use Probability and Statistics more precisely and successfully, should read this book.
Anyone who wishes to ensure that when utilizing Probability and Statistics, they don’t fall into the various misconceptions and misleading dangers
Jon now to Decision Making Under Uncertainty course
Course Content
Project Network and Analysis
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Newsvendor Problem: Background, Model and Analysis
24:35 -
Newsvendor Problem: Example and Proof
00:00 -
Buffers to Cushion for Fluctuations
00:00 -
Safety Stock for Inventories
00:00 -
Safety Stock: Example and Derivation
00:00 -
Route Planning
00:00 -
Exploration and Exploitation
00:00 -
Introduction to sequential decision making
00:00 -
Costs, Ratings, Options and Choices for both Restaurants
00:00 -
Two Stage Stochastic Optimization
00:00 -
Concluding Remarks and Simpson’s Paradox
00:00 -
Markov Chains for Decisions
00:00 -
DTMC Modeling and Analysis
00:00 -
Markov Decision Process Set Up
00:00 -
Analyzing the four policies
00:00