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Chapter01slides - Introduction to Decision Analysis and...

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Introduction to Decision Analysis and Risk Management 1
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The Tutor - Þórður Víkingur Friðgeirsson Education MSc Business Engineering B Certified Project Manager (IPMA) Academic work Project Management Risk and Decision Analysis Private work Corporate Management Consulting 2
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This course Syllabus General remarks 3
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Risk management 4
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Management decisions are often complex because they involve: 1. Risk and uncertainty 2. Multiple objectives 3. A complex structure 4. Multiple stakeholders 5
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Why people have problems coping with this complexity The human mind has limited information processing capacity and memory To cope with complexity we tend to simplify problems This can lead to inconsistency and biases 6
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The Role of Decision Analysis Structure the “big picture” Pathway from cause to consequence Raised consciousness about issues Allows participation: commitment Insights: creative thinking
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