Risk is seldom explicitly introduced in the decision making equation, despite the fact that risk is often invoked. Many companies and organizations in the world consider risk management as a separate discipline, a sort of auditing/compliance nuisance imposed on them by governance rules or fearful upper management, resulting in the feeling that risk management may not be adding value to their business. Very seldom is risk management seen as an investment to generate positive outcomes, not just to prevent bad ones.
This course introduces a new approach that explicitly takes risks and uncertainties, and the stochastic nature of costs, into account. The new approach presents the concepts of the Economic Safety Margin and Comparative Risk Based Decision Making, illustrated by case studies. The latter is an innovative technique for comparing alternatives and projects at the tactical level.
By registering for certification in this course you can download and submit a data input sheet for a project of your choice to the authors and receive a free email consultation from an expert.
For a video presentation of Dr. Oboni's lecture on Risk and Decision Making (requires Adobe Flash Player), click on: Keynote Lecture.