decision theory course
This course equips you with decision theory essentials for management, teaching how to model uncertainties, evaluate risks via payoff matrices, leverage market data for probabilities, perform sensitivity analyses, and deliver precise strategic recommendations that weigh potential gains against risks, ensuring confident business choices.

flexible workload of 4 to 360h
valid certificate in your country
What will I learn?
Gain practical skills in decision theory by constructing payoff matrices, modelling costs, prices, and capacity, and calculating expected monetary value, expected utility, and non-probabilistic methods. Utilise macro and market data for probability estimates, conduct sensitivity and break-even analyses, and convert intricate risk decisions into straightforward, actionable advice with clear warnings and evidence-based actions.
Elevify advantages
Develop skills
- Build decision models using payoff matrices to evaluate strategies amid uncertainty.
- Perform risk assessments with EMV, utility functions, and sensitivity analysis for robust decisions.
- Derive probabilities from macro and market data to create realistic demand forecasts.
- Model profits by integrating price, costs, capacity, and demand to predict results.
- Develop clear executive summaries with data support, risks highlighted, and next steps.
Suggested summary
Before starting, you can change the chapters and the workload. Choose which chapter to start with. Add or remove chapters. Increase or decrease the course workloadWhat our students say
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