Decision Making Under Uncertainty

Course aim

To equip students with the appropriate knowledge and practical skills needed to analyse systems and situations involving risk and uncertainty

Course content

Fundamental concepts of decision analysis, utility, risk analysis, Bayesian statistics, game theory, Markov decision processes and optimisation. The value of sampling information and optimal sample sizes, given sampling costs, and the economics of terminal decision problems.

Textbook(s)

Nil

Prerequisite(s)

A basic understanding of elementary probability and linear algebra.

Corequisite(s)

Nil

Teaching method

Component	Duration
INTERNAL, CITY WEST
Lecture	2 hours x 13 weeks
Tutorial	1 hour x 12 weeks
Directed Study (Meetings and activities as agreed with Course Coordinator)	N/A x 13 weeks

Note: These components may or may not be scheduled in every study period. Please refer to the timetable for further details.

Assessment

Assignment 1, Assignment 2, Examination

Fees

EFTSL*: 0.125
Commonwealth Supported program (Band 1)
To determine the fee for this course as part of a Commonwealth Supported program, go to:
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Fee-paying program for domestic and international students
International students and students undertaking this course as part of a postgraduate fee paying program must refer to the relevant program home page to determine the cost for undertaking this course.

Non-award enrolment
Non-award tuition fees are set by the university. To determine the cost of this course, go to:
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Not all courses are available on all of the above bases, and students must check to ensure that they are permitted to enrol in a particular course.

* Equivalent Full Time Study Load. Please note: all EFTSL values are published and calculated at ten decimal places. Values are displayed to three decimal places for ease of interpretation.