decision theory course
This course equips managers with decision theory expertise to handle uncertainty effectively. Participants learn to create payoff matrices, evaluate risks using EMV and utility functions, integrate market data for realistic probabilities, model profits from pricing and capacity variables, and deliver precise strategic recommendations that weigh potential gains against risks, ensuring robust decision-making in business contexts.

4 to 360 hours 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, utility, and non-probabilistic measures. Utilise macro and market data for probability estimates, conduct sensitivity and break-even analyses, and convert intricate risk decisions into clear, actionable advice 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 informed choices.
- Derive probabilities from macro and market data to develop demand forecasts.
- Model profits by integrating price, cost, capacity, and demand factors.
- Formulate succinct, data-supported recommendations featuring explicit risks 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 workload.What our students say
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