ESD 710 - Risk and Decision Analysis

Institution:

Massachusetts Institute of Technology

Subject:

Description:

Focuses on design choices and decisions under uncertainty. Topics include identification and description of uncertainties using probability distributions; the calculation of commensurate measures of value, such as expected net present values; Monte Carlo simulation and risk analysis; and the use of decision analysis to explore alternative strategies and identify optimal initial choices. Applied analysis of practical examples from a variety of engineering systems using spreadsheet and decision analysis software.

Credits:

3.00

Credit Hours:

Prerequisites:

Prereq: 1.145 or permission of instructor

Corequisites:

Exclusions:

Level:

Instructional Type:

Lecture

Notes:

Additional Information:

Historical Version(s):

Institution Website:

web.mit.edu/student/

Phone Number:

(617) 253-1000

Regional Accreditation:

New England Association of Schools and Colleges

Calendar System:

Four-one-four plan

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