Course Introduction

Risk and Decision Making

Version: 26 November 2007

Franco Oboni Cesar Oboni

Start the Course with an Orientation Session	Review the Course at the Summary Level	Start the Course at the Detailed Text Level	Course Certification Entry or Registration
(first time viewers)	(reviewers)	(serious viewers)	(certification)

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 click Keynote Lecture (requires Adobe Flash Player)

Learning Outcomes

Participants who successfully complete this course and the certification requirements will be able to perform the following.

• 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.

Course Requirements

Basic requirements for successful completion of this course include the following.

• An understanding of the basic principles of probability theory.

Course Certification

This course qualifies for EduMine Certification. A certificate will be issued to an EduMine enrollee who registers for certification and successfully completes the certification requirements. The total certification fee for this course is Can$128.

0.8 CEUs  (Continuing Education Units) will be awarded for successful completion of certification requirements for this course. EduMine meets the Criteria for Certification established by the Authorized Provider Commission of The International Association for Continuing Education and Training, 1620 Eye Street, N.W., Suite 615, Washington, DC 20006.

To register for certification for this course use the "Course Certification Entry or Registration" link above or below on the right.

UBC Certificate in Mining Studies

This course qualifies as online learning for the University of British Columbia - Certificate in Mining Studies in the Mine Management, Risk Assessment, Financial Analysis stream. Students who complete the certification requirements for this course may optionally register for the Certificate in Mining Studies program and complete the associated classroom component. For further information click UBC Certificate in Mining Studies

[Note: Participation in the UBC Certificate in Mining Studies program is optional. For EduMine certification proceed as described under Course Certification above.]

Start the Course with an Orientation Session	Review the Course at the Summary Level	Start the Course at the Detailed Text Level	Course Certification Entry or Registration
(first time viewers)	(reviewers)	(serious viewers)	(certification)