Analysing risk for decision making


Analysing risk for decision making sets out to provide the requisite knowledge, understanding and skills to establish a deep understanding of the risk analysis within decision making.

This module seeks to provide knowledge, understanding and skills to apply tools to proposed investment opportunities. As such it sets out to develop skills in a range of areas which contribute to the construction of a robust business case which demonstrates that key risks have been identified, analysed and evaluated.

Decisions concerning significant allocation of organisational funds to internal and/or external investment opportunities must be based on robust business cases. That robustness demands identification of key risks, and an evaluation of the likelihood of such risks arising and their potential impact on successful investment. 

Topics covered

Main topics of the module include:

  • Characteristics of robust decisions
  • The role of intuition and analysis in decision making
  • Attitudes to and perceptions of risk
  • Information overload and the extraction of relevant data and information
  • Deciding between opportunities with differing risk profiles and mitigating risk
  • Flexibility and optionality in decision making.

Learning outcomes

On successful completion of this module, you will be expected to be able to:

  • Develop and apply specific skills in the areas of data analysis in the context of decision making under uncertainty.
  • Structure decisions and build accompanying decision models.
  • Select and apply risk-related decisions models and evaluate the outputs.
  • Build robust investment opportunity business cases.
  • Minimise the impact of decision-making deficiencies which degrade the quality of decisions.
  • Identify and apply methods and tools to facilitate trade-offs between competing value metrics and objectives.


Coursework: up to 3,000 words; weighted at 100%.