Value of Control
About the eLearning Course
This eLearning course discusses the concept of the Value of Control, exploring its significance in decision-making and business strategy. It provides a comprehensive examination of decision trees and Monte Carlo simulation techniques, focusing on their application in risk management and project evaluation. The course includes practical exercises, such as a plant expansion decision, to reinforce learning and ensure participants can apply these techniques effectively in real-world scenarios.
See example online learning module
Target Audience
Geologists, engineers, geophysicists, managers, team leaders, economists, and planners.
You Will Learn
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Properly sequence decision tree nodes and back-solve for node-branch expected values
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Determine when to place costs and benefits on branches
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Compare the advantages and disadvantages of decision trees versus Monte Carlo simulation
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Distinguish between threats and opportunities in project management
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Understand the risk matrix and its application to the VOC concept
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Set up and solve decision trees for evaluating control-adding alternatives and the expected value (EV) cost of accidents
