Conducting analysis of decision making under uncertainty using decision trees serves several purposes. First, a decision tree is a visual representation of a decision situation (and hence aids communication). Second, the branches of a tree explicitly show all those factors within the analysis that are considered relevant to the decision (and implicitly those that are […]
How is quantitative modelling applied to today’s risk analysis problems in finance, insurance, oil and gas, manufacturing, and more? Monte Carlo Simulation is the key. In this blog, we’ll discuss the latest tips and techniques to help you judge which risks to take and which to avoid, allowing for the best decision making under uncertainty.