Business Process & Quality Management

 Decision Process Analysis - Six Sigma Business Decision Tool

Participants will have a comprehensive understanding of decision analysis, that is, how we make optimal decisions under uncertainty. The necessary ingredients of this process include a set of strategies available to the decision maker, the expected payoff and likelihood of each of these strategies, and a value model that allows us to compare our strategies and to select the optimal one.

To reflect the alternatives, outcomes and likelihoods for our decision process, we develop a graphical tool called decision trees.

Course Outlines

• Elements of Decision Analysis.
• Decision Tree.
• Expected Monetary Value (EMV).
• Risk Profile.
• Making decisions with Multiple Objectives.
  

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