decision theory course
This course equips managers with decision theory tools to handle uncertainty effectively. Participants learn to create payoff matrices, evaluate risks using EMV and utility functions, derive probabilities from market data, model profits from pricing and capacity, and deliver precise, data-supported recommendations that safeguard against downsides while maximising opportunities. Ideal for strategic business choices in volatile environments.

from 4 to 360h flexible workload
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 measures. Utilise macro and market data for probability estimation, conduct sensitivity and break-even analyses, and convert intricate risk trade-offs into clear, actionable strategies with defined limitations and evidence-based actions.
Elevify advantages
Develop skills
- Build decision models with payoff matrices to evaluate strategies amid uncertainty.
- Perform risk assessments via EMV, utility calculations, and sensitivity testing for robust choices.
- Convert market and macro data into realistic probability distributions for demand forecasting.
- Model profitability by integrating price, costs, capacity, and demand variables.
- Formulate succinct executive summaries with data evidence, risks highlighted, and next actions.
Suggested summary
Before starting, you can change the chapters and workload. Choose which chapter to start with. Add or remove chapters. Increase or decrease the course workload.What our students say
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