INSC 71030 Managing Risk & Uncertainty
1.5 credit hours. Risk management (RM) is the art, science, and practice of making good business decisions in the face of consequential uncertainty. RM is essential to success in almost every area of management, but especially in the contexts of complexity, novelty, and uncertainty that characterize many contemporary endeavors. This course addresses the major concepts, basic techniques, and key challenges of RM. It aims to (1) familiarize students with the problems and issues confronting risk managers in several contexts and (2) provide students with the vocabulary, concepts, insights, and tools to address these issues. As a first course in RM, it provides an overview of several areas and knowledge of foundational tools (other than financial risk tools such as derivatives).