Abstract

This subject examines the identification, measurement and management of risk using multi-disciplinary techniques. The role of the decision maker and the role of decision making heuristics and bias are studied together with key qualitative and quantitative techniques used to model, measure and treat risk. The subsequent treatment of risk through … For more content click the Read More button below.

Syllabus

An Introduction to RiskTypes of RiskPsychology of RiskRole of the IndividualModelling RiskQualitative AnalysisQuantitative AnalysisRanking and Treating RiskTransferring RiskPersonal Risk

Learning outcomes

Upon successful completion of this subject, students should:
1.
be able to critically interpret the risk management concept and discriminate and appraise different definitions of risk and risk management;
2.
be able to assess and critically evaluate the role of the decision maker in risk and the influences of decision making heuristics, bias and risk preference in the risk management process;
3.
be able to interpret risk through modelling techniques;
4.
be able to determine the probability, frequency and consequences of a risk event occurring; and
5.
design and implement strategies to diminish risk through the potential to self insure, or to transfer risk using different product solutions.

Enrolment restrictions

Postgraduate students only. Not available to students who have completed MGT589 or MGT581