Linda Nozick is Professor and Director of Civil and Environmental Engineering at Cornell University. She is co-founder and a past director of the College Program in Systems Engineering and has been the recipient of several awards, including a CAREER award from the National Science Foundation and a Presidential Early Career Award for Scientists and Engineers from President Clinton for “the development of innovative solutions to problems associated with the transportation of hazardous waste.” Dr. Nozick has authored over 60 peer-reviewed publications, many focused on transportation, the movement of hazardous materials, and the modeling of critical infrastructure systems. She has been an associate editor for Naval Research Logistics and a member of the editorial board of Transportation Research Part A. Dr. Nozick has served on two National Academy Committees to advise the U.S. Department of Energy on renewal of their infrastructure. During the 1998-1999 academic year, she was a Visiting Associate Professor in the Operations Research Department at the Naval Postgraduate School in Monterey, California. Dr. Nozick holds a B.S. in Systems Analysis and Engineering from the George Washington University and an MSE and Ph.D. in Systems Engineering from the University of Pennsylvania.
Reducing risk in business and life is a goal for many of us, but how can we effectively assess risk in a world where everyone's perceptions are so different?
In this course, you will explore risk perception, which describes how each person views and measures the nature and severity of danger. Unlike the numerical depiction of risks, risk perception is influenced by personal experiences, mental activities, context, and inherent personality traits. You will discuss the effects of risk perception on risk evaluation and decision making. You will then explore models such as expected utility, bounded rationality, and prospect theory, giving you a foundation in the elements of risk perception. Finally, you will investigate cognitive shortcuts and biases, including the availability heuristic, anchoring and adjustment, confirmation bias, and overconfidence, and determine their repercussions on behavior. These skills will give you the tools to examine the risk perceptions of various stakeholders, address cognitive biases, and identify suitable models for decision making under uncertainty. By the end of this course, you will be equipped with the methods and insights necessary to effectively evaluate and manage risks, even in complicated situations.
You are required to have completed the following courses or have equivalent experience before taking this course:
- Risk Analysis Foundations
- Risk Evaluation
- Risk Modeling
Key Course Takeaways
- Identify how perceptions of risks vary across individuals and how that influences choices
- Understand how heuristics and biases affect decision making in situations with risk
How It Works
Who Should Enroll
- Risk managers and analysts
- Finance and insurance professionals
- Project managers
- Supply chain managers
- Computer and information security engineers
- Software developers
- Professionals across industries interested in understanding risk management