Course description
A course in risk-based discussions at Rcademy gives a systematic, visual, and quantitative approach to evaluating and addressing vital choices faced by decision-makers. The decisions will allow people and companies to make better decisions using various tools.
This Rcademy course introduces risk decision-making techniques, procedures, and equipment that allow people and businesses to make better decisions by evaluating all the relevant data and assessing the outcomes of decisions to help in the decision-making process. The risk-based decision-making at Rcademy focuses on using these structured designs to create solutions to decision issues involving multiple and uncertain objectives. The course will cover the decision analysis equipment used to make decisions, preferences, and uncertainties in risk, such as the influence diagrams, decision trees, Bayesian networks, sensitivity analysis, and Monte Carlo simulation. This Rcademy course in risk-based decision-making also covers analyzing decision methods to incorporate threat attitudes in the decisions created and applying multi-method decision assessment.
What are the risks in the decision-making process?
Most of the decisions made in the company face high uncertainty levels concerning whether the decision maker’s choices will benefit the company or bring a disaster to it. Therefore, risk in the decision-making process is the potential for decisions to cause undesirable outcomes or a loss.
What are the limitations to effective decision-making?
Some significant barriers to effective decision-making include the lack of knowledge concerning decision-making, company bias, diversity of thoughts, and a poor culture of challenging decision-making.
The Risk-Based Decision Making Training Course by Rcademy ends with a summary of the essential learning points. Then, an action-planned exercise that will assist in applying the acquired skills and knowledge immediately after you return to your work.
Upcoming start dates
Suitability - Who should attend?
The objectives of this training course are to enable professionals to:
- Apply the learned knowledge to create a method to support application in the whole organization
- Understand the responsibility of risk-based operational decision-making toward competitiveness and performance
- Determine opportunities for risk-based operational decision-making in the entire company
- Understand the guidance for company deployment
- Appy the risk-based decision-making skills and knowledge in their roles
- Understanding of the fundamental terms such as risk management, risk, event, hazard, likelihood, control, and consequences
- Apply risk-based reasoning and decision-making to different situations
- Understand the hazard evaluations and critical control points (HACCP), bow tie assessment, and process decision program chart
- Understand how to assess threats using post-market monitoring and metrics, including risk trends and levels
- Understand event tree evaluation and scenarios assessment
- Understand the techniques of documenting risks, including the risk register
- Understand the risk control context and scope
- Understand and differentiate different levels of risk control such as risk recognition, risk management, risk assessment, risk monitoring, and risk reporting.
Training Course Content
Module 1: Introduction to Risk Operational Decision Making
- Control of decision-making in Practice and Theory
- Illustration of risk-based operational decision making
- Decision-making under risk, certainty, and uncertainty
- Responsibility for risk-based operational decision-making in its contribution to competitiveness and performance
- Understanding the risk management tools such as simulations applied by Nassim Taleb, CIA toolkits, and advanced management modeling
- The risk-based active decision-making activity
- Analysis of the dos and don’ts in decision making
Module 2: Creating a Framework for Risk-Based Decision Making
- Matching of the risk management policy and the company
- Risk-based operational decision-making in the three lines of protection against risks
- Importance of culture and engagement
- Stakeholders, responsibilities, reporting, and options
- Ensuring that risk management becomes a section of the vital decision-making process
- Qualitative and quantitative risk reporting and modeling
Module 3: The Practice and Principles of Risk Management
- Illustrating the structure for managing risks
- Definition, concepts of risk, risk control, and ERM
- Use of ISO 31004,31000:2009 and another management framework
- Risk management placement in ISO 9001 and other management systems
- Options for risk assessment, criteria, identification, analysis, and evaluation
- Standards for management decision-making and practice
- Risk-based operational decision-making in ERM
Module 4: Adoption of Risk-Based Decision-Making and Making It Work
- The implementation processes
- Creation and deployment of the correct methods
- Transition principles
- Strategy, people, and resources
- Standard shortfalls and prevention of bad practices
- Common barriers to implementation
Module 5: Ensuring Risk-Based Decision-Making Works Better
- Leadership and structural change
- Utilization and deployment of the primary risk indicators
- Continuous growth and lesson studies
- Creating an anti-fragile company
- Open forum
Module 6: Thinking Critically about Risks
- Identifying the association between risks
- Compare and contrast content from context
- Create a model of techniques to practice thinking of risks critically
- Understanding the importance of managing risk systematically
Module 7: Effects of Risk-based Decisions
- Compare and contrast risk-related scenarios
- Create an appropriate strategy of action to best benefit all the stakeholders
- Analyze the possible effects of the decisions made
- Taking appropriate and effective actions
- Understand the common issues of risk decision-making and their impacts
Module 8: Evaluate Potential Effects of Decisions
- Determine actions
- Differentiate effect and cause scenarios
Course delivery details
The risk-based decision-making program at Rcademy program uses learning methods driven by the right studying goals supported by significant objectives and curriculum. The student’s understanding will be assessed through quizzes, experimental studying, assignments, final exams, and company group development strategy audits. There are in-depth instructions for all the activities in the program at Rcademy. Note that the study’s success relies on your role in reading the assigned resources, such as text chapters and other instructional resources given during the course. The final exam will allow the participants at Rcademy the chance to show the things they learned beyond this course to their major. The instructor will monitor all learning activities to help ensure that they meet the intended learning goals.
This Rcademy training course will help participants learn about the topics covered in the course outline using proven adult studying materials and facilitation methods. The seminar techniques include role play, case study, and group discussions evaluating and analyzing risk-based decision-makers’ primary challenges.
This Rcademy program in risk-based decision-making is specially structured to give new skills and knowledge for your professional growth.
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