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Chapter 12

Risk and uncertainty in decision making

Outcome

By the end of this session you should be able to:

 analyse risk and uncertainty through quantification of risk

 understand probabilistic models

 draw and analyse decision trees

 apply the Bayes Theorem to solve conditional probabilities issues

 apply decision making principles in conditions of uncertainty

and answer questions relating to these areas.

The underpinning detail for this Chapter in your Integrated Workbook can
be found in Chapter 12 of your Study Text

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