OIE 542: Risk Management and Decision Analysis

Risk management deals with decision making under uncertainty. It is interdisciplinary, drawing upon management science and managerial decision-making, along with material from negotiation and cognitive psychology. Classic methods from decision analysis are first covered and then applied, from the perspective of business process improvement, to a broad set of applications in operations risk management and design including: quality assurance, supply chains, information security, fire protection engineering, environmental management, projects and new products. A course project is required (and chosen by the student according to his/her interest) to develop skills in integrating subjective and objective information in modeling and evaluating risk. (Students cannot get credit for both OIE 542 and OIE 541