DECS 433 Waiver Information
Decision Making Under Uncertainty
DECS 433 introduces the basic concepts and tools of probability and decision theory used throughout the Kellogg program. The first part covers the basics of probability and the second applies these ideas to insurance, finance, real options, compensation and information aggregation. The course relies on the use of Excel.
Students with some prior course work should consider taking the DECS diagnostic test (see a sample diagnostic test | solutions). Depending on performance, one may be waived out of DECS 433 entirely, or placed in the turbo version (DECS 445-0), or given the option to take DECS 450. Note that successful completion of DECS 445-0 allows you to waive DECS 434. The waiver policy, described below, is an imperfect proxy for determining whether you have mastered the material covered in DECS 433 elsewhere. It does not determine if you remember it well enough to apply. Courses that rely on DECS 433 (like FINC 430, MECN 446, MGMT 469 for example) assume not just exposure to the content of DECS 433 but familiarity and fluency. This document gives a brief outline of the material covered in DECS 433 and should help you decide if you have the background to take the waiver exam for DECS 433 or the dagnostic test for DECS 445 (Waiving DECS 433 vs. Enrolling in DECS 445).
The flow chart below describes what to do next.
Waivers for DECS 433 can ONLY be obtained by passing the diagnostic test. Each student is allowed one attempt only. The test is open book and open notes. Please contact Academic Advisor Kalpana Waikar for more details.
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