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In this lecture following topics are discussed: 0:00 Intro to types of decision analysis techniques to manage risk and uncertainty [Probability based and non probability based decision making techniques] Pros and Cons of these techniques over each other 0:40 Intro to Payoff tables (also called decision tables) 1:20 Payoff Tables Explained; Definition, How it helps in with scenarios and alternatives 2:00 Types of Scenarios; Best Possible, Worst Possible, Most likely 2:15 Format of payoff table (decision table) 3:25 Understanding Risk preference i.e. individual's attitude towards risk and why its important: risk taker [optimistic] risk avoider [pessimistic or conservative] risk neutral 4:25 Decision rules based on risk preference instead of probability (non probability based): Maximax rule as followed by the optimist or risk taker Maximin as followed by the pessimist or risk avoider Minimax regret rule as followed by the risk neutral person. 5:14 Maximax rule explained; understanding what it is and how it works with examples +6:37 Maximin rule explained; understanding in detail with examples +7:53 Minimax regret rule explained with examples, what it is and how to determine and decide. Minimax regret table; what it is and how the figures are calculated.