ENGG 177: Decision-Making under Risk and Uncertainty

Offered

14F: Wed 3:00-4:50pm, Thurs 4:00-5:50pm
Borsuk

Textbooks:  
Making Hard Decisions: An Introduction to Decision Analysis (Hardcover), Robert T. Clemen, ISBN 0495015083.

15F: Wed 3:00-4:50pm, Thurs 4:00-5:50pm
Borsuk

Prerequisites

ENGS 27, ENGS 93, or comparable background in probabilistic reasoning

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, or human health and safety. 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 that are not always amenable to standard statistical analysis. Bayesian methods will be introduced, emphasizing the natural connections between probability, utility, and decision-making.