Operations Management 101: Introduction to Decision Analysis

Operations Management 101: Introduction to Decision Analysis
In this video, we discuss the very basics of quantitative decision analysis. After talking through a few example scenarios we work on a simple example by setting up a decision table. Using the table we learn to calculate the following: Maximax, Maximin, Equally Likely Criterion, Expected Monetary Value (EMV), and Expected Value of Perfect Information (EVPI).
My playlist table of contents, Video Companion Guide PDF documents, and file downloads can be found on my website: www.bcfoltz.com

[@tsmofeire]

Thanks Brandon, I've been operating in business on gut instinct for "a lot of years" It's helpful to watch your video's while spending a half hour on the treadmill in the morning. The terminology and methodology expand my instincts exponentially. Keep up the good work and dedication to educating others.

[@alexisreeves5391]

This was a great review for my Decision Analysis and Data Modeling finals. I'm an MBA student and I wish I found this sooner. Great video that is easy to understand. Pleas keep making them and would love to see more courses.

[@kapilkhan9090]

Very nicely the entire chapter is explained in half an hour with a perfect example! Excellent!

[@fagbe1]

This is the most informative and simple video on Decision Analysis. My Lecturer and his corresponding textbook are so useless. You really know your stuff. Big Thumbs up!

[@charlesporter7449]

Thank you for taking your time to help teach this material. I like how you first establish a positive mind set and not only explain how to do the problem but more importantly why the answer chosen is correct. I now have an automatic go to when I am studying for my stats class. Thanks again CAP

[@matshibe47]

I am doing my MBA, this video has done me great in my studies. Thanks Brandon!

[@jonr6680]

Even 9y later this is still gold material and a top presentation style, thanks.

[@409jettahankey]

Outstanding work on this lecture! Really helped me to understand a topic that I was pretty thoroughly confused about.

[@YANEETOM]

I cannot thank you enough for this video. Did this topic in class and I was so lost. This video really helped

[@nannybannany]

This was a great supplement to my text book. I understood the concepts in there but I find it easier to replicate those when I have a visual to write problems/solutions out for me. Thank you!

[@christopherchin9431]

Thank you! this really clears things up for me..I'm transitioning careers and now I am getting my MBA.. it could get confusing for me but thanks for being so basic and easy to understand! great! job

[@kathryndcunningham17]

Your video help me gain a better understanding of the concepts. You explained many decision making analytical processes well and that were difficult for me to understand just from reading the textbook.

[@siggy31093]

Awesome way of teaching the concepts, I appreciate this so much!

[@Tru.Creations]

In Jamaica we refer to one of them as the maximean, and we also do a mini max regret or opportunity loss table which we then use to calculate the EOL. Im not a quantitative calculative person but your videos help. thanks again

[@shommytv]

This was phenomenal. You helped me make a breakthrough. Passed this morning. Thank you!

[@Tru.Creations]

Thank you for this, just started my masters and I really appreciate your motivation

[@asdad9715]

thank you so much brandon, your content truly helps me.

[@cubzbearzbullz]

Thank you Brandon! This really helped me understand EVPI, you did a great job.

[@KashaneTiger]

This help fine tune what I already learned in class. Thank you!!

[@denisemcbean541]

Thank you so much. I was so lost in my class, now I understand it better. You are such a great instructor.

[@kaylalake7422]

Have an exam in Operations management tomorrow and I really needed the message in the beginning. This is helpful!

[@maane.ferraren2859]

thank you very much sir..indeed it helped me in my MBA class..Quantitative techniques here in the Philippines... God Bless... More Powers...Sir Brandon Foltz.

[@anushasundaram5593]

This was amazingly simple. Thank you so much for explaining it so well. :)

[@bettydavis273]

Brandon this video was quite insightful. Thank you, you explained in a slow manner & I was able to understand the topic of decision analysis. Thanks.

[@BrandonFoltz]

Fantastic! Thank you very much for your kind words. I am very happy that you are able to begin your masters degree and wish you all the best in your studies. - B

[@jasonbrown7981]

need a playlist operations mgt

[@dhaas4698]

That was an excellent video, very simple, easy to follow. Thank you so much for this resource.

[@sylviakatabaazi3767]

Great video Mr. Foltz. This was very helpful.

[@kilbaniavargas4058]

Thank you so much... It really help with my Quantitative Analysis.. You broke it down to simple term something that my professor was unable to do.. 😊

[@txmomthree]

Thank you for this video. I was feeling overwhelmed. Your explanation broke the material down into understandable steps. Much appreciated!

[@ursulasilviareyes9143]

it was very helpful and clear to understand. Thank You so much. Hope you well and keep on posting more valuable videos!

[@GloriaCopeland563537]

Loved this lecture, really explains it so you can understand it.

[@BrandonFoltz]

Gloria Copeland Thank you so much! Glad you found it helpful. :)

[@nyokabililian4159]

Truly helpful .It was so clear and easy to understand

[@donnabunnaman9475]

Beautiful ! Very clear. Thank you

[@carlenesexy]

This lecture was great, simple and easy to understand... :)

[@mohammedalsaif2456]

This was extremely helpful . many thanks

[@Steffiyoso]

thank you for the simple and clear explanation and your encouraging words too :)

[@mpanicke]

Great video thanks Brandon!

[@alex2336]

no that i'm learning bizz, this has helped me a lot! thanks!

[@tmitchell5693]

Thank you. You made it make sense.

[@weishien]

Great introduction!

[@adeotijoshua6427]

Very insightful video Thank you for this

[@giftoruoka7420]

Thank you very much. The video was very helpful.

[@lemyul]

this gets me by in quarantine

[@Ankitamitian]

Very nice and valuable lecture....Thank you

[@johnnymassie]

Brilliant! Thanks!

[@KS-tp4jj]

it is good and may help researchers and lecturers with your share

[@rumailahshaher9402]

THANKS SO MUCH

[@oupamoloi885]

such a great video

[@arabellesss1990]

thank you sir!!!

[@TheEukpee]

Thank pls keep up the good job.

[@millicentramusi2036]

Thank you so much

[@14pamiesue]

Mr. Foltz, sir your videos have been most helpful in learning, or understanding the probability and statistics for research course that I am currently working on for my Master's degree. I have shared your link and videos with my classmates. Many of them have the same feeling as I do about stats, we have aged ten fold in the past six weeks. I used to be a lot younger. Just kidding, however, I probably have gotten more gray hair in the past six weeks. I would like to suggest a video on Developing Decision Trees for a Quantitative Research Study. The methods used in your videos are both understandable, and positive, as in you help build the confidence level of the viewer, you talk to the viewer rather than over them. This is a welcome experience when learning a new subject, thank you.

[@richierich1247]

Great tutorial

[@cckalonji]

it was indeed helpful.

[@nj93nazj]

Cool.. Fully understood..

[@xalamukanibaloyi1500]

than you

[@ML-yq1km]

Thx from germany

[@crystalcaston8202]

i am working on logic class.... looking for good videos , thanks.

[@user-vn9ul5gh6k]

THANK-YOUUUU!!!!!!

[@lalala0297]

Thank youuuu

[@cutiepiebrtt]

THANK YOU!!! I should have just skipped class and watched this video instead..my professor is very bad at explaining what is going on..but again THANK YOUUUU!!!

[@muhammadusamailyas4998]

man you sound like Seth Rogan... btw amazing stuff

[@louwadzinski]

just wanted to say thanks...

[@MrDjugashvili]

Very good and simple explanation! Why teachers can't do that?!

[@nurinamardhiyahhamid9953]

yeah stay positive & head up buddy's 🤩

[@shornsby63]

If the Geologist is the person who tells the company that there is a 20% chance of finding gold, how can you calculate EVPI before you hire the geologist? You mentioned that EVPI is the maximum a company should be willing to pay a geologist for perfect information.

[@deanh6355]

thank you! my professor is foreign and hard to understand! thank you thank you thank you!

[@nannybannany]

I haven't looked at your videos yet, but I'm going to do that when I finish writing, if you haven't done a video on it yet, in addition to this one could you go over Expected Opportunity Loss? Thanks!

[@asfandyar134]

can you tell how to make the decision tree. of this same example. ?? i understood very good, but if u could explain how to place it in the decision making tree.

[@rahmaabdelmonem7174]

I need to pick a real life activity that require a quantitative decision, then to model it using optimization modeling, can you give me some practitcal ideas

[@BigJyeTV]

I'm finishing up my MBA and for my capstone project I need to develop an operations plan. Do you know of an operations plan template I can use as a reference for setting up mine? I have no idea what the industry standard is.

[@TheHunniebell]

what if i change the state of nature with low demand, medium demand and high demand should i use the same way to calculate the expected value under certainty, i tried and got 49,250 and for emv i got 71750.....so 49 minus 71 = negative value?not seem so logical .help me please

[@rajgenvermaybuena1613]

Can you please explain in easy and simpler way topic about the operations research? Thank u

[@sheldonblackwood2117]

Can you help with an Assignment?

[@richardgentile5892]

Cut out all the pep talk and just get to the lecture. Other than that good slideshow. explained the concepts clearly. good job

[@youwhatsuptube]

Company A want to purchase Company B for 120,000 Company B estimates they can make profit P(80,000)=.2 P(100,000)=.3, P(120,000)=.1 P(140,000)= .4 if they run the business. Should company B sell its company to Company A? 'Yes' EMV is 114,000 What is the EVPI? Can you please tell me what is EVPI? The answer sheet says, 8,000 ; however, i believe it is 6,000 120,000 - 114,000 right? What am i doing wrong? 

[@kevinefrainzegarramerma1439]

Someone I Puede facilitate a summary of the video thanks in advance

[@8359s]

Minimax please.

[@rinatsaber]

dude you are hilarious..."good digger" LOL