Courses Detail Information

ME7501J – Engineering Decision Making

Instructors:

Credits: 3 credits

Pre-requisites: Ve/Vm401/501 Probabilistic Methods in Eng., or consent of the instructor

Description:

Making decisions under conditions of risk and uncertainty is a fundamental part of every engineer
and manager’s job, whether the situation involves product design, investment choice, regulatory
compliance, human health and safety, or public policy. This course will provide students with both
qualitative and quantitative tools for structuring problems, describing uncertainty, assessing risks,
and reaching decisions, using a variety of case studies. Multiple methods will be introduced,
emphasizing the natural connections between probabilities, utility, decision-making, sensitivity
analysis and preference.

Course Topics:

Elements of Decisions;
Structuring Decisions
Making Choices.
Sensitivity Analysis;
Probability Basics
Subjective Probability
Theoretical Probability Models
Theoretical Probability Models
MC Simulation;
Value of Information;
Risk Attitude
Structuring utility/selection under uncertainty:
MAUT