Course Overview
An organisation is nearly always engaged in Decision Making. These decisions may be of insignificant essence- often of routine or clerical nature- or maybe of significant essence bearing a huge impact on the functioning of the entity- often of strategic or tactical nature.
Why is risk decision making important?
The management is required to make a decision whenever they are presented with multiple alternatives for attaining single objectives. Traditional decision-making has branched out into new techniques and one such approach that requires deep risk assessment is Risk Based Decision Making. The technique is useful in situations demanding appraisal of possible losses arising from an outcome and comprises an understanding risk-reward balance of various outcomes. It is a structured approach that gathers information about the possibilities of unwanted outcomes and measures how a set of decision-making might impact any segment of stakeholders negatively. Risk-Based Decision Making inculcates aspects of sound decision-making as it involves determining kinds of possible losses with their probable effects and being more future-ready.
How do establish the decision structure? What are the ways to perform risk assessments? How to use risk-based information to make decision-making more fruitful? How to deal with information uncertainty? These are a few of many challenges the decision-makers encounter while trying to decide what’s best for their organisation. Firms in the industry are recognising the need for a structured risk-based decision-making process to outline uncertainties and cultivate them into planning and risk management.
How do you make risk-based decisions?
Zoe has brought in an updated and innovative Risk-Based Decision-Making Training Course to help managers and administrators learn advanced techniques of decision-making that consider durability and
compatibility. The training is designed to equip professionals with essential tools of risk assessment and analysis while focussing on constitutive segments such as information precision, loss prevention basics, risk assessment methods, decision analysis tools and many more. The course takes an interdisciplinary approach to highlight the importance of a structured decision-making framework which will improve risk-taking behaviour.
Course Objectives
Risk-Based Decision-Making Training Course is aimed at the following objectives:
- Understand the relevance and need for Risk Based Decision Making in the present business scenario
- Encourage structured decision making
- Enable the participants to correctly apply problem-solving and decision-making tools in appropriate situations
- Identify common challenges and barriers encountered during risk-based decision making
- Learn to apply risk assessment tools and methods in practical situations
- Understand the value of the human element in efficient decision making
- Evaluate risk and unable smooth implementation of decisions
- Guide about techniques and tools available for timely review of decisions
Training Methodology
This collaborative Risk-Based Decision-Making Training will comprise the following training methods:
- Interactive sessions and lectures
- Presentations
- Management games
- Roleplaying/modelling
- Case studies
- Group discussions
- Problem-solving sessions
Like all our acclaimed courses, this Zoe program also follows the ‘Do-Review-Learn-Apply’ model.
Organisational Benefits
Successful completion of the training course will benefit an organisation in the following ways:
- Improved quality of decision making as decisions would incorporate various risk elements and probable losses which would make it more dynamic
- Explore the negative effect decision outcome might have on different stakeholders
- Enhanced risk communication skills will encourage smooth processing of operations
- Identify and overcome barriers to risk-based decision making
- Establish risk goals for better risk management and risk control
- Benefit from the application of risk assessment tools
- Decision makers will gain a better understanding of their role as managers
- Early identification of risks that may impact stakeholders or projects negatively will allow faster risk mitigation measures and hence timely attainment of set goals
Personal Benefits
Successful completion of the training course will benefit an individual in the following ways:
- Develop a broad mindset which encourages an innovative approach to decision making
- Learn to take and rightly implement quality decisions
- Gain skills to explore the nature of available data and information
- Overcome common blocks to effective decision-making and risk communication
- Determine the preferred style of decision making
- Gain knowledge of the latest tools and techniques being used in the industry
- Gain job advancing skills with industry relevant training certification which will aid in career development
- Receive personalized feedback from experts and assist in self-evaluation
Who Should Attend?
- Chief executive officers, Chief Operating officers
- Departmental heads
- General managers
- Strategic managers
- Business Analysts
- Business policymakers
- Entrepreneurs
- Start-up founders
Course Outline
Module 1: Introduction to Risk-Based Decision Making
- Need of risk-based decision making
- Informal vs. formal risk-based decision making
- Understanding the process and steps involved
- Establishing decision structure
- Human variable
Module 2: Characterizing Risk
- Qualitative description of risk
- Quantitative description of risk
- Risk characterization principles: transparency, clarity, consistency
- Risk matrix
Module 3: Basics of Risk Identification
- Process of risk identification
- Identifying risk response options
- Risk impact analysis
- Risk prioritisation analysis
- Risk tracking
Module 4: Understanding Risk Assessment
- Elements of risk
- Risk reduction methods
- Risk assessment methods: structured, predictive, adaptive
- Life cycle approach
- Levels of risk assessment
Module 5: Basics of Risk Management
- Establishing risk goals
- Understanding risk acceptance
- Categories of risk management strategies
Module 6: Challenges in Risk-Based Decision Making
- Information uncertainty
- Information precision
- Data uncertainty
- Understanding resource needs
Module 7: Risk Communication
- Need for risk communication
- Risk communication cycle
- Principles of risk communication
- Stakeholder involvement
Module 8: Risk Assessment Tools
- Pareto analysis
- Checklist analysis
- Preliminary risk analysis
- Failure Modes and Effect Analysis (FMEA)
- Fault tree analysis
- Event tree analysis
Module 9: Risk Evaluation
- Methods for comparing
- Evaluating risk response options
- Measuring risk attitudes
- Usage of Risk evaluation in risk treatment
- Steps in performing risk evaluation
- Risk monitoring
Module 10: Decision Analysis
- Organisation decision process
- Decision analysis application
- Decision analysis skills
- Framing decision opportunity
- Decision tree
