Life, both in academic and professional settings, involves making decisions, often with little information and uncertain outcomes. People will try to mitigate uncertainty by envisioning different scenarios, calculating probabilities, and projecting potential impacts on others. In business settings, these decisions are often high-stakes, making decisions all the more difficult. Fortunately, there are methods that managers can use to make the best possible decisions given the known variables they do have. In this course, we will focus on the quantitative methods that aid in decision making, using methods like expected values, probabilities, and decision trees.
Students can expect to put these skills into practice throughout the course by analyzing case studies that will inform their understanding of the complexities of critical decision making at the managerial level.