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, Norway. His research interests include decision analysis, valuation of risky projects, portfolio analysis, real-option valuation, and behavioral challenges in decision-making. Prior to entering academia, he spent 15 years in the industry in various technical and management roles. He is a co-author of the SPE Primer Making Good Decisions. Bratvold is an associate editor for SPE Economics & Management Journal and has twice served as an SPE Distinguished Lecturer. He is a Fellow and board member in the Society of Decision Professionals and was made a member of the Norwegian Academy of Technological Sciences for his work in petroleum investment and decision analysis.
For more information about the Strategic Decision and Risk Management Certificate, visit strategicdecisions.stanford.edu
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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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