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A General Decision Making Framework

Course video 5 of 13

In Module 3, we look at the use of probability distributions as a means of characterizing uncertainty. We initially look at how uncertainty is incorporated into a general decision making framework. We then turn our attention to different probability distributions that can be used to model uncertainty, depending on the nature of the data. We examine the application of these probability distributions to assess the likelihood of events using features within Microsoft Excel.

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