Decision Making And Risk Management

Unit No.

Unit Title

Contents

1

Introduction to Decision making

and Risk Management

·    Decision Making and Risk Management – Introduction, Concept, Problem Definition and Framing.

·    Rational Models of Decision Making, Other Models - Myers Briggs, Bounded Rationality Model, Retrospective Decision Model, OODA Loop Model, Ladder of Inference etc.

·    Types of Decisions, Steps in Decision Making Process, Creative Decision Making Process.

·    Why Rational Models Fail? Traps and Cognitive Barriers that Lead to Suboptimal Decisions.

2

Decision making Tools and Models

·    Decision Making - Groupthink versus the Wisdom of Crowds, Avoiding Decision-Making Traps.

·    Intuition: Pros and Cons, Decisions Making for Corporate Management, Execution, and Operation of Projects, Role of Technology in Decision Making and Data Analysis.

·    EQ (Emotional Intelligence) versus IQ as Essential Decision Making Traits to Manage Risks

·    Dealing with Conflict and Risk - Resistance to Change, Key Elements of EQ: Personal and Social Competencies, Dissonant Decision Making Leadership and Brain Chemistry

·    Qualitative and Quantitative Risk Analysis Tools /Methods – Introduction, Concept.

·    Decision Models in Strategic Management, Decision Making Systems.

3

Role of Decision Making and

leadership

·    Definitions of Leadership and Followership, Motivational Theory; Common Motives of Leaders and Followers.

·    Identifying Resources that Affect your Power and Influence; use and Misuse of Power, Role of Competition and Conflict in Leadership Roles.

·    Charisma, Heroes, Bullies and Jerks - Aspects to be Considered in Decision Making and Leadership.

·    Decision Making and Leadership - Values as Underpinnings of Leadership.

4

Organizational Values in Decision

Making and Risk Management

·    Importance of Team Composition, Understanding your Own Value System and how it Influences Choices, Political views, Personal and Organisational Decisions.

·    Organizational Values - Examples of Values for Well-known Corporations. Importance of Shared Values in Decision Making and Avoiding Risks.

·    Vision Statements as Organising Templates for where Organisations or Individuals are Aiming., Examples of Individual and Corporate Vision Statements.

·    Developing and Communicating your Own view of What Needs Changing or What is Possible to Avoid Risks.

·    Risk Communication, Risk Sharing, Strategic and Integral Planning of Projects.