Decision Analysis and Value of Information
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Most of us were never trained how to make good decisions. A primary reason for this seems to be, as we explore in this course, an unfounded belief that we are naturally good at making decisions. We do it every day, after all. Yet, the research is overwhelming that individuals are prone to many decision-making mistakes, even in simple situations. This problem is even more prevalent when we must make decisions under uncertainty. In this course, we will discuss how you can become better decision makers in both your personal and professional lives.
- Develop tools and mental frameworks that will allow you to deal effectively with uncertainty
- Revise your beliefs after gathering additional information using proven methods
- Examine and quantify the value created by gathering additional information
- Quantify your appetite for risk and how to factor this into your decision making
- Avoid the pitfalls that can degrade our decision making
- Think clearly and insightfully about the decisions you face
- Explore methods to trade off competing value metrics and objectives
- Guide others in improving their decision making