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The Open University

Decision trees and dealing with uncertainty

The Open University via OpenLearn

Overview

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This free course introduces basic ideas of probability. It focuses on dealing with uncertainty in a financial context and explores decision trees, a powerful decision-making technique, which can help you to simplify and formulate business decisions. The course also includes videos that introduce the key ideas and guide you through numerous examples.

Syllabus

  • Introduction
  • Learning outcomes
  • 1 Dealing with uncertainty: an introduction to probability
  • 1 Dealing with uncertainty: an introduction to probability
  • 2 Check your understanding of probability
  • 2 Check your understanding of probability
  • 3 Expected values
  • 3 Expected values
  • 4 Decision trees
  • 4 Decision trees
  • 4.1 Decision trees and expected value
  • 4.2 A complex decision tree – deciding whether or not to launch a product early
  • 4.3 A complex decision tree – developing a new pharmaceutical drug
  • Conclusion
  • References
  • Acknowledgements

Reviews

5.0 rating, based on 1 Class Central review

5 rating at OpenLearn based on 3 ratings

Start your review of Decision trees and dealing with uncertainty

  • This free course on decision trees and financial forecasting delivered precisely as described. The content was well-structured, introducing probability, expected value, and decision tree analysis with clarity and relevance to strategic decision-making. The stated duration was accurate, allowing for efficient planning and completion. A certificate of completion was available on demand, as promised, adding value for credential tracking. Overall, the learning experience was positive and professionally presented, with practical examples that reinforced key concepts. Highly recommended for those seeking foundational insight into uncertainty management and financial decision tools without commercial distractions.

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