Suggested preparation: Basic probability, algebra and spreadsheet literacy.
About this course
Study decisions made under uncertainty through forecasting, simulation, flexibility, decision analysis and utility. The videos use engineering and project examples to connect numerical models with choices.
Topics and lesson examples
- Unit 2: the Forecast is always wrong, Video 1: Cost Estimates
- Unit 4: Parking Garage Case Example, Video 6: Flexibility is Win-Win
- Unit 7: Drivers of Flexibility, Video 4: Balancing Overall Effect of Drivers
- Unit 10: Utility Analysis and Multidimensional Evaluation, Video 1: Is Optimization Possible?
- Unit 11: LNG Case 4, Video 5: Final Analysis
Course at a glance
| Provider | MIT |
|---|---|
| Platform | YouTube · MIT OpenCourseWare |
| Access | Free Video |
| Level | Intermediate — WikiFree study-level assessment |
| Language | English |
| Available lessons | 45 |
| Video duration | 5h 49m · self-paced |
| Details checked | 10 October 2026 |
Preparation and study approach
Suggested preparation: Basic probability, algebra and spreadsheet literacy.
Follow the available videos in sequence, pausing to summarize the main argument or reconstruct a worked example. Keep a short list of assumptions, unfamiliar terms and questions to revisit. Additional reading, problem solving and practice will take time beyond the listed video duration.
Using this video classroom
Select a lesson from the list, or search for a topic. Previous and Next move through the sequence. You can mark lessons complete; progress is stored in this browser without a WikiFree account.
Free access and course scope
The public MIT OpenCourseWare videos in this classroom are free to watch. This listing provides the available playlist recordings, which may include selected lectures, recitations, demonstrations or supporting discussions rather than every component of the original campus course. Textbooks, equipment, software licenses, supervised labs, graded assignments and instructor feedback are not supplied by WikiFree. No purchase is required to watch the videos or use the note-based study approach above.
WikiFree independently organizes these resources for self-paced study. Watching does not award an MIT certificate, academic credit or admission to MIT.
Video provider and credit: MIT OpenCourseWare on YouTube. WikiFree titles, descriptions and cover artwork are independently prepared.
Related courses for your next step
- Complementary learningFree MIT Course: Probability Fundamentals and Random Variables
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Focus: L01.1 Lecture Overview · L06.7 Joint PMFs and the Expected Value Rule
Intermediate - Complementary learningFree Simplilearn Course: Project Risk Management and Risk Analysis
Compare a project-focused approach to risk analysis.
Focus: Risk Identification · Risk Analysis
Intermediate
Compare course focus, level and study time
| Course | Level | Focus | Study time |
|---|---|---|---|
| This course — Free MIT Course: Risk and Decision Analysis | Intermediate | Unit 2: the Forecast is always wrong, Video 1: Cost Estimates · Unit 4: Parking Garage Case Example, Video 6: Flexibility is Win-Win · Unit 7: Drivers of Flexibility, Video 4: Balancing Overall Effect of Drivers | 5h 49m of video; practice time is additional |
| Free MIT Course: Probability Fundamentals and Random Variables | Intermediate | L01.1 Lecture Overview · L06.7 Joint PMFs and the Expected Value Rule · L13.2 Conditional Expectation as a Random Variable | 29h 58m of video; practice time is additional |
| Free Simplilearn Course: Project Risk Management and Risk Analysis | Intermediate | Risk Identification · Risk Analysis · Response Planning | 5h 39m of video; practice time is additional |
Provider: MIT. Videos play from the MIT OpenCourseWare channel on YouTube.
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