Nigeria's free digital learning hub. Videos, lecture notes, practice questions and leaderboards aligned with CCMAS, NBTE, NCCE, WAEC, NECO, IJMB and JAMB curricula.
Loading
Nigeria's free digital learning hub. Videos, lecture notes, practice questions and leaderboards aligned with CCMAS, NBTE, NCCE, WAEC, NECO, IJMB and JAMB curricula.
Risk, Simulation, and Game Theory in Business Decision-Making focuses on analytical approaches used to evaluate uncertainty, predict outcomes, and improve the quality of managerial decisions in complex business environments. Risk analysis involves identifying, assessing, and managing potential events or conditions that may negatively affect organizational objectives, enabling managers to make informed decisions under uncertainty. Simulation is a technique that uses mathematical and computer-based models to imitate real-world situations, allowing organizations to test different scenarios and evaluate their likely outcomes before implementation. Game theory, on the other hand, studies strategic interactions among individuals, firms, or competitors where the actions of one party influence the decisions and outcomes of others. Together, risk analysis, simulation, and game theory provide powerful tools for forecasting, strategic planning, competitive analysis, resource allocation, and problem-solving, helping organizations minimize uncertainty, optimize decisions, and achieve sustainable competitive advantage.
This lecture is part of BUA 411 Analysis for Business Decision in the Business Administration department. The course has 15 recorded lectures across 5 series, all free to watch. Read or download the BUA 411 lecture note to study alongside the video.
