In the presence of uncertainties, business managers will need a set of tools that incorporate the uncertainties in a manner that would enhance understanding of the situation, thereby leading to better decisions being made. In this course, we would develop a grasp of the underlying principles behind uncertainties and risks, and build upon those principles to get a big picture view of the possible inferences, even with uncertain assumptions. Through practical examples, in-depth exercises, and cases, we would build an understanding of how these principles apply in practice. With a firm grasp of these foundational principles grounded on probability theory and statistics, participants will benefit greatly from other courses and topics that build on top of results learned in this course.