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Systems Analysis & Systems Engineering

Decision and Risk Analysis

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  • Overview

    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.

  • Who Should Take This Course

    PREREQUISITES

    1 year engineering or IT work experience; familiarity with basic statistics and calculus.

  • Schedule
  • Course Outline

    Modeling uncertainty
    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
    Modeling risk attitudes and utility functions
    Sequential decision making
    Risk analysis and risk management processes

  • FAQs
    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. Online 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.

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