Risk and Decision Making

Areas of Study: Management

Qualifies for CMS

Qualifies for Certification

This course introduces a new approach to risk and decision making that explicitly takes risks and uncertainties, and the stochastic nature of costs, into account, illustrated by case studies.

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  • Audience Level:
  • Professional
  • Enrollment:
  • Required
  • Duration:
  • 8 hours

Course Summary

Introduction

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.

Learning Outcomes

  • Discuss new approaches to risk assessment and decision making, such as Economic Safety Margin and Comparative Risk Based Decision Making and their application in practice.
  • Discuss ways to recognize common risk exposures, and quantification techniques for evaluation of subjective probabilities.

Recommended Background

  • An understanding of the basic principles of probability theory.

Franco Oboni

After two decades of intense geotechnical and contracting experience, above and underground, Franco slowly but surely pivoted towards risk engineering, an arena in which he has been internationally active for over two decades. Franco manages a broad range of risk and crisis mitigation projects for major mining companies all over the world. Projects include negotiations with community leaders, Quantitative Risk Assessments, Optimum Risk Estimates (ORE ©Riskope, 2010–present) and third party reviews. Franco has over fifty published papers and is co-author of the 2007 book entitled: “Improving Sustainability through Reasonable Risk and Crisis Management”. Franco delivers customized seminars world-wide and was co-recipient of the Italian Canadian Chamber of Commerce (Canada West) 2010 Innovation Award. His clients include international mining companies, UNDP, Fortune 500, World Bank, railroads, highways, harbors, luxury and food suppliers, military and numerous communities, regional and provincial governments.

Cesar Oboni

Cesar is involved in quantitative risk analyses and third party reviews for mining operations, mining logistics, commercial wharves, production facilities and environmental protection “at perpetuity” projects. Cesar has been very active in the analysis of special and emerging risks, co-authoring a report on Cyber-defence at national scale for a European country. In various projects Cesar created a link between Risk Analysis and mitigative action plans considering Health & Safety, societal acceptability, willingness to pay and other social drivers. His clients include Fortune 500, large mining corporations, UN/UNDP, transportation companies and military. Cesar is the co-author of the 2007 book entitled: “Improving Sustainability through Reasonable Risk and Crisis Management” and over fifteen papers published in international conferences and symposiums. He was co-recipient of the 2010 ICCC, Italian Canadian Chamber of Commerce (Canada West), Innovation Award.