Decision-making Under Risk And Uncertainty

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Decision-making is an integral part of our daily life. In the real world, major decisions would be based on complete and realistic information available to the decision-maker. Almost all decision problems involve some level of uncertainty either in data measurements or the values assigned to parameters describing the environment in which one has to operate. This clearly indicates that we live in a world of uncertainties and decision has to be made from information that may be incomplete and contain uncertainty. The major tools used in studying these problems are mathematical modeling and optimization techniques, especially stochastic and fuzzy optimization.

? To Provide the basic concept of ?Decision Making under Uncertainty? ? Assist the participants an understanding of ?how to take the decision in the presence of uncertainty? and accordingly tailor the appropriate techniques to effectively solve such complex decision problems.

? 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 the Public and Private Sector.

Course Details

Venue Online
Duration 18 Hrs.
Starts On Feb 09, 2023
Faculty Prof. Rakesh Verma / Prof. Ajaya Kumar Panda

Fees Details

Duration Professional Fee*(Per participant) GST(18%) Total Fees(Per Participant) Programme Code
18 Hrs. 9,000.00 1,620.00 10,620.00 1 23 4 61
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