RM 203

Risk Informed Decision Making

This course will use a combination of illustrated case studies, lectures, and individual and group exercises to introduce students to the various facets, methodologies, tools, and practical applications of risk-informed decision making. One goal of the course is to help students make better risk-informed decisions by introducing more structured decision-making processes that focuses on five critical, yet interrelated, steps: identifying potential undesired outcomes; assigning an order-of-magnitude consequence severity to each outcome; assigning an order-of-magnitude occurrence likelihood to each outcome; assessing total risk magnitude; making risk-informed decisions based on assessed risk magnitudes.