School of Hotel Administration

Modeling Uncertainty and Risk

Available dates

Nov 27, 2019
Online
USD 1380
Dec 18, 2019
Online
USD 1380
Jan 15, 2020
Online
USD 1380
+17 more options

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About the course

Rarely does a single factor alone predict an outcome, which is why decision making is never as simple as we would like it to be. In a competitive business environment, not taking this uncertainty into account has serious costs. In this course, you will use foundations in probability to describe risk mathematically and incorporate those calculations into your decisions so you can take them to the next level. Working through increasingly complex modeling situations, you will learn to use estimates of probable future outcomes for Go/No-Go decisions and to run a Monte Carlo simulation allowing you to examine outcomes that vary based on multiple, interdependent decisions.

Topics Include

  • Calculating marginal value for a binary decision
  • Determining optimal values for a repeating, sequential decision
  • Building risk aversion into your model
  • Calculating utility for a given decision
  • Developing and using a Monte Carlo simulation
  • Performing sensitivity analysis
  • Using expected utility to accommodate risk

Who should attend

This course is appropriate for anyone from analyst to SVP-level who is looking for a deeper understanding of how to perform the statistical analyses that support key business decisions. Course content draws on examples across all business types.

Trust the experts

Christopher Anderson

Biography Chris Anderson is a professor at the Cornell School of Hotel Administration. Prior to his appointment in 2006, he was on faculty at the Ivey School of Business in London, Ontario, Canada. His main research focus is on revenue management (RM) and service pricing. He actively works with ...

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