Risk in decision making

...or...
What do decision trees have in common with smoking a kipper?

Pre-requisites

You should be familiar with:

• risk management

Introduction

The risk management notes are mainly theoretical

How can this help us with decision making?

How do we choose between a profitable but risky action, and a less profitable but safe one?

In these notes we shall

• identify ways to anticipate risk
• discuss practical ways to mitigate risk
• introduce fault trees and hazard trees
• evaluate risks
• use decision trees to decide among a choice of actions
• consider the impact of corporate culture on risk taking

Other topics

Comments please to: dwfarthi@glam.ac.uk

© 1999, University of Glamorgan