Working to improve decision-making under uncertainty
The Risk and Uncertainty Management Center takes a holistic approach to managing risk, emphasizing decision-making skills that are applicable across a wide variety of risks confronting organizations. Our overarching goal is to improve decision-making in situations involving uncertainty. The center provides knowledge, frameworks, tools and experiences that lead to better decision-making in situations involving a wide variety of risks confronting organizations. Students develop skills in risk management and decision-making through real-world project assessment and strategy development that factor in both opportunity and risk using a range of analytical tools and methods.
Our goals include producing graduates with analytical and qualitative decision-making skills and a holistic, enterprise-wide perspective of risk, supporting risk management research across a variety of disciplines and facilitating interaction between businesses, faculty and students on important risk management topics.
RUM point of view
Decision-making under uncertainty can be improved with:
- Frameworks/tools/data analysis/probabilistic thinking
- Awareness of behavioral biases and common errors committed by individuals and organizations
- Better incentives and leadership
- Multi-disciplinary, enterprise-wide perspective
- Recognition that opportunity accompanies risk
- Enhance the educational programs at the Moore School, specifically the risk management and insurance major and minor
- Facilitate interaction between the university and practitioners on issues related to risk and uncertainty
- Support research on risk and uncertainty