The Pitfalls of Heat Maps: Powerful Alternative Risk Management Methods
The "Risk Heat Map" is considered industry best practice to rank risky events and alternatives based on likelihood and consequence. This tool is widely used for risk management in a wide variety of industries. But the risk heat map is fundamentally flawed. It can unintentionally produce arbitrary decisions and risk management actions under the guise of understanding and managing uncertainty
In this webinar, Drs. Eric Bickel and Reidar Bratvold will illustrate inherent flaws in the risk heat map and recommend other procedures to improve decision-making and risk management.
Associate Professor at The University of Texas at Austin, has 20 years of experience applying, teaching, and researching decision analysis. As a consultant, he has helped companies around the world develop high-quality, robust, strategies. As a professor, Eric teaches courses in economic evaluation, probability, and decision analysis. His research is focused on making decision analysis easier to apply in practice.Reidar Bratvold
Professor of Petroleum Investment and Decision Analysis at the University of Stavanger and at the Norwegian Institute of Technology (NTNU), teaches and supervises graduate students doing research in uncertainty assessment, risk management, investment analysis, decision sciences, and market based valuation. Both in academia and professionally, Reidar has developed solutions in decision analysis, economic evaluation and business modelling. He also initiated and oversaw the development of software and consulting solutions for stochastic reservoir modelling (STORM) and other reservoir management applications.
For more information about the Strategic Decision and Risk Management Certificate, visit strategicdecisions.stanford.edu
This webinar is co-sponsored by the Society of Decision Professionals.
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Date & Time
Wednesday, September 2, 2015.
9:00 a.m. - 10:00 a.m. Pacific
12:00 p.m. - 1:00 p.m. Eastern
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