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PGE 383.76

Decision Analysis

3 Hours

Explore the principles and application of techniques for the logical illumination of complex decision problems within any context. Examine utility theory, probability as a statement of belief, risk preference, value of information and control, probability assessment, influence diagrams, risk sharing and scaling, and life and death decision making. Discuss the principles and fundamental concepts for the normative theory of decision making under uncertainty. Develop a language, set of theories, and tools to transform complex decisions into ones where the course of action is clear. Petroleum and Geosystems Engineering 383 (Topic: Decision Analysis) and 383 (Topic 76) may not both be counted.

Prerequisites & course information

Explore the principles and application of techniques for the logical illumination of complex decision problems within any context. Examine utility theory, probability as a statement of belief, risk preference, value of information and control, probability assessment, influence diagrams, risk sharing and scaling, and life and death decision making. Discuss the principles and fundamental concepts for the normative theory of decision making under uncertainty. Develop a language, set of theories, and tools to transform complex decisions into ones where the course of action is clear. Petroleum and Geosystems Engineering 383 (Topic: Decision Analysis) and 383 (Topic 76) may not both be counted.

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