By the end of the course the students will be able to
- make sense of the approach and the philosophy behind Decision Analysis
- make sense of the properties and components of a decision problem
- make sense of the intuitive ways of making decisions
- make sense of various deterministic Decision Analysis techniques such as SMART, SMARTER, Even Swaps and AHP
- make sense of utility theory and multi-attribute utility theory
- make sense of influence diagrams and decision trees
- make sense of the value of information and the Bayesian decision making
- learn to apply the various techniques by spreadsheet programs (especially MS Excel)
- evaluate and interpret the solutions obtained by the application of the various techniques
- participate in team-work to prepare a term-project that involves the application of the techniques learnt in the course to a particular decision problem consisting of real data and real decision makers