AS(7131) A-level (7132) Specifications For teaching from September 2023 onwards For as exams in May/June 2024 onwards For a-level exams in May/June 2025 onwards Version 2.0
This lesson covers:
The value of decision making based on data (scientific decision making) and on intuition
Scientific decision making:
Understanding and interpreting decision trees
Calculating expected value and net gains.
Decision making:
Risks
Rewards
Uncertainty
Opportunity cost
The use and value of decision trees in decision making
Influences on decision making:
Mission
Objectives
Ethics
The external environment including competition
Resource constraints
This lesson was written by Sarah Hilton for Revisionstation
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