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Course Description

Reducing risk in business and life is a goal for many of us, but how can we effectively assess risk in a world where everyone’s perceptions are so different?

In this course, you will explore risk perception, which describes how each person views and measures the nature and severity of danger. Unlike the numerical depiction of risks, risk perception is influenced by personal experiences, mental activities, context, and inherent personality traits. You will discuss the effects of risk perception on risk evaluation and decision making. You will then explore models such as expected utility, bounded rationality, and prospect theory, giving you a foundation in the elements of risk perception. Finally, you will investigate cognitive shortcuts and biases, including the availability heuristic, anchoring and adjustment, confirmation bias, and overconfidence, and determine their repercussions on behavior. These skills will give you the tools to examine the risk perceptions of various stakeholders, address cognitive biases, and identify suitable models for decision making under uncertainty. By the end of this course, you will be equipped with the methods and insights necessary to effectively evaluate and manage risks, even in complicated situations.

You are required to have completed the following courses or have equivalent experience before taking this course:

  • Risk Analysis Foundations
  • Risk Evaluation
  • Risk Modeling

Faculty Author

Linda K. Nozick

Benefits to the Learner

  • Identify how perceptions of risks vary across individuals and how that influences choices
  • Understand how heuristics and biases affect decision making in situations with risk

Target Audience

  • Risk managers and analysts
  • Finance and insurance professionals
  • Project managers
  • Supply chain managers
  • Computer and information security engineers
  • Software developers
  • Engineers
  • Executives
  • Professionals across industries interested in understanding risk management

Applies Towards the Following Certificates

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Enroll Now - Select a section to enroll in
Type
3 week
Dates
Sep 04, 2024 to Sep 24, 2024
Total Number of Hours
30.0
Course Fee(s)
Contract Fee $100.00
Type
3 week
Dates
Nov 27, 2024 to Dec 17, 2024
Total Number of Hours
30.0
Course Fee(s)
Contract Fee $100.00
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