Critical Thinking, Decision and Risk Analysis
This course provides an overview of decision and risk analysis techniques. It focuses on how to make rational decisions in the presence of uncertainty and conflicting objectives. Concepts will be illustrated through case studies and practiced by students through exercises.
Class will also consider the “trade-space” of multiple criteria relevant to decisions. These can be traded off against one another to achieve specific outcomes and are reflected in the form of specific alternative solutions. Typical criteria include performance/benefits, schedule, risk, and cost. Sensitivity and Uncertainty Analysis will also be discussed.
Upon completion of the course, students will:
- Understand proven critical thinking, decision making, and risk analysis techniques
- Understand how to make rational decisions in the presence of uncertainty and conflicting objectives
- Contexts for decision making
- Principles of rational decision-making
- Multi-criteria decision making using multi-attribute utility theory
- Ranking and scoring approaches to group decision making
- Representing and solving decision problems using influence diagrams and decision trees
- Objective and subjective probabilities
- Defining and calculating the value of information
- Separation into smaller decisions
- Modeling risk attitudes and utility functions
- Sequential decision making
- Risk analysis and risk management processes
- Risk communication
Is there a discount available for current students?
UMBC students and alumni, as well as students who have previously taken a public training course with UMBC Training Centers are eligible for a 10% discount, capped at $250. Please provide a copy of your UMBC student ID or an unofficial transcript or the name of the UMBC Training Centers course you have completed. Asynchronous courses are excluded from this offer.
What is the cancellation and refund policy?
Student will receive a refund of paid registration fees only if UMBC Training Centers receives a notice of cancellation at least 10 business days prior to the class start date for classes or the exam date for exams.