MEEG 3318 - Decision and Risk Analysis

Three hours lecture. Three credit hours.

A study of principles and analytic techniques for rational decision-making. How to address uncertainty, conflicting objectives, and risk attitudes. How to model uncertainty. Constructing value trees and hierarchies, decision trees, and influence diagrams. Defining and calculating the value of information. Incorporating risk attitudes into analysis. Conducting sensitivity analyses. Simulating complex decisions and risks. examples drawn from the field of mechanical engineering.

Prerequisites: STAT 3350