This elective course will allow you to incorporate risk management principles into your individual management style. Risk management refers to the process of identifying, assessing, and prioritizing risks.
The Business Administration major is designed to prepare you for a leadership role in today’s highly competitive, global business environment. This elective course will allow you to incorporate risk management principles into your individual management style. Risk management refers to the process of identifying, assessing, and prioritizing risks. This course will teach you how to accurately assess the consequences of uncertain events; the ultimate goal for risk managers is to reduce and control the likelihood of such occurrences. Personal attitudes toward risk vary widely (for example, attitudes can range from risk-averse to risk-seeking). You are advised to approach this course from the perspective of a business manager (i.e., as a decision maker).
Unforeseen circumstances can occur in various contexts, including natural disaster, collapses in financial markets, and accidents. As a business manager, you will need to use risk management tools to minimize and control the probability and impact of unfortunate events. Global events from the past few years provide ample evidence of the challenges associated with managing risk.
In this course, you will engage with case studies that address the catastrophes of the first decade of the new millennium, including the credit crisis of 2008–2009. These cases illustrate the importance of risk management and demonstrate how missed opportunities in effective risk management can and have led to monumental negative consequences. You will learn how and why risk management is a primary strategy for sustainability and success in our uncertain and complex world.
Upon successful completion of this course, the student will be able to:
Identify and discuss various types of risks.
Define risk as a consequence of uncertainty and within a continuum of decision-making roles.
Perform quantitative risk analysis using risk measurement techniques to assess the severity and consequences of a given risk as well as its overall threat.
Identify the most common risk management mistakes by considering how Utility Theory impacts attitudes toward risk.
Explain and use techniques to manage risk in a holistic, global, and integrated manner.
Use tools such as predictive analytics, modeling, and simulation to improve risk management.