Decision Models

3 credits · Engineering Professional

Problems involving uncertainty and/or complex interactions can be too difficult to grasp intuitively. This course introduces spreadsheet modeling, simulation, decision analysis and optimization to represent and analyze such complex problems. First, the use of decision tress for structuring decision problems under uncertainty is discussed. Next, Monte Carlo simulation is used as a modeling environment, using add-in programs as necessary. Prerequisite: Familiarity with Excel, enrollment in the Master of Engineering Management program, or permission of instructor.