Business decisions are typically challenging. Some are more so than others. One main reason for this difficulty is that decisions are about the future. The uncertainty
First, we explore the basic structure for decision analytics.
Next, we examine how sensitive our decision is to the changing of parameters with sensitivity analysis.
Next, we shift our attention to the understanding of uncertain future in the form of probability.
And finally, we investigate how to improve our understanding with additional information, the Bayes Theorem.