Decision Making under Risk and Uncertainty

Apply Online

This short course aims to discuss a broader aspect of Decision Making under Risk and Uncertainty, participants learn the basics concepts as well as tools and practices of decision making under risk, uncertainty and perfect as well as imperfect information. The participants of the course learn how to structure and improve decision processes to make better decisions. Despite introducing basic concepts to deal with decision problems under uncertainty, participants also learn how to implement statistical as well as fuzzy decision-making techniques to solve the problems.

The aim of this short course is to provide participants with the most important concepts, tools and techniques of making decisions under uncertainty and (im)perfect information. The content helps participants to structure complex decision problems under uncertainty and provide recommendation to the participants to apply in their context.

• Concept of Uncertainty, Type of Uncertainty, Decision under Risk, and (im) Perfect Uncertainty, Analysis of the value of perfect as well as imperfect information • Statistical Decision Theory: Structuring decision problems under uncertainty using influence diagrams, Analysis and implementation of decision problems under uncertainty using Bayesian Theory and decision trees • Analysis of complex decision problems using Monte Carlo simulation • Decision Making in Fuzzy Environment • Application of DM in Operations, Finance under Uncertainty.

The program is aimed at Executives, Middle-level Managers, Teachers, and all other Professionals - in Public and Private Sector

Course Details

Venue Online
Duration 18 Hrs.
Starts On Feb 12, 2024
Faculty Prof. Ajaya Kumar Panda

Fees Details

Duration Professional Fee*(Per participant) GST(18%) Total Fees(Per Participant) Programme Code
18 Hrs. 10,500.00 1,890.00 12,390.00 1 24 4 64
Apply Online

Download Brochure