OS4013 Cost Estimation VI: Decision Analysis for Cost Estimators

This course presents an introduction to the techniques of Decision analysis. Decision analysis techniques can be used to help decision makers solve complex decision problems involving sequential decisions, major uncertainties, imperfect information, varying degrees of risk, and often multiple competing or conflicting objectives. The course includes structuring decision with influence diagrams and decision trees, modeling uncertainty with subjective probabilities, sensitivity analysis, the value of information, and modeling risk attitudes using utility theory. A fundamental understanding probability and calculus is expected.

Prerequisite

OS3080, OS3006, OS4702

Lecture Hours

3

Lab Hours

0

Course Learning Outcomes

Upon successful completion of this course, you should be able to:

Cost Estimating

• Understand the importance of cost estimation,
• Learn the fundamentals of cost estimation,
• Explore cost estimation methodologies,
• Develop skills in collecting and analyzing cost data,
• Gain insights into uncertainty and risk analysis,
• Understand the role of expert judgment,
• Explore best practices in cost estimation documentation,
• Gain proficiency in cost estimation validation and assessment,
• Understand the role of cost estimation in program management, and
• Apply cost estimation principles in real-world scenarios.