Working to improve decision-making under uncertainty

The Risk and Uncertainty Management Center provides knowledge, frameworks, tools and experiences that lead to better decision-making in situations involving a wide variety of risks confronting organizations. In addition to gathering insights and sharing best practices and research with corporate partners, the center helps create opportunities for students to develop leading-edge 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.

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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

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RUM objectives

• 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

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