Course syllabus RR - Risk Management and Decision Analysis (ŠAVŠ - Sklad předmětů)

     Czech          English          

Course title: Risk Management and Decision Analysis
Semester: -- item not defined --
Course supervisor: PhDr. Ivor Krátký, PMP
Supervising department: Department of Marketing and Management (ŠAVŠ)
Prerequisites for registration: Bachelor state examination
Time allowance: full-time, 0/2 (hours of lectures per week / hours of seminars per week)
Type of study: usual
Form of teaching: seminar
Mode of completion and credits: Classified fulfillment of requirements (2 credits)
Course objective:
To introduce students to problems of managerial decision-making and risk management.
To provide student an understanding of decision fallacies, applying of decision analysis methods, risk assessment procedure and structuring risk/decision models.
Course methods: Lectures and team-work on assignments and case-study
Team – work, discussions and cooperation, team assignments
Individual and team presentations
Case-study (“real-life” based)
Interactive feedback by lecturer and participants

The general rule is that students may receive their lectures rather in the morning and work on team assignment in the afternoon. The afternoon team assignments will not be facilitated by the tutor and will require initiative and discipline from the students.
Course content:
1.Decision Analysis introduction (allowance 4/1)
a.Team assignment #1 - requires computer access
b.Students introduce their findings #1

2.Risk assessment - introduction (allowance 5/2)
a.Team assignment #2 - introduction
b.Students introduce their findings #2
c.Risk modelling

3.Decision analysis (allowance 5/2)
a.Decision analysis revisited
b.Deterministic Decision models
c.Final Case study - introduction

4.Case studies (allowance 4/1)
a.Students introduce their findings case study
b.Overall recap
c.Q & A, Course evaluation

Learning outcomes and competences:
-- item not defined --
Teaching methods and workload (hours of workload):
Type of teaching methodDaily attendance
Direct teaching
     Attendance of lectures18 h
     Attendance of courses/seminars/tutorials6 h
     Course reading and ongoing preparation12 h
     Composing of individual (seminar) work6 h
Preparation for the case study10 h
Total52 h
Assessment methods:
Requirement typeDaily attendance
Active lecture/seminar/workshop/tutorial participation15 %
Term paper55 %
Presentation30 %
Total100 %
Course completion:
Overall activity and involvement = 15 %
Team assignments (2 x 15 %) = 30 %
Case study = 55 %

100 - 90 - excellent
89 - 75 - very good
74 - 60 - good
less then 60 - fail

Enrolling students must:
- have successfully completed "basic managerial" and/or "Project Management" courses.
- be appropriately proficient in English (B2 and higher).
- have basic knowledge of probabilistic theories.

Support for combined/distance forms of study:
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Reading list:
FLYVBJERG, B. From Nobel Prize to Project Management - Getting Risks Right. Journal of Project Management, 37(3), 5-15.  [online]. 2006. URL: - PMJ2006.pdf.
KEENEY, R L. Decision Analysis. Operations Research, Vol. 30, No. 5 (Sep. - Oct., 1982), pp. 803-838.  [online]. 1982. URL:

ISO/IEC Guide 73: 2002. Risk management - Vocabulary - Guidelines for use in standards.
WACHS, M. "When Planners Lie with Numbers," "Commentary" Section, Journal Of The American Planning Association, Vol. 55, No. 4 (Autumn 1989), pp. 476-479.

Study plans:
-- item not defined --
Run in the period of: WS 2015/2016, SS 2014/2015   (and older)
Course tutor: Thordur Vikingur Fridgeirsson (examiner, instructor)
PhDr. Ivor Krátký, PMP (examiner, instructor, lecturer, supervisor)
Teaching language: Czech, English
Room: -- item not defined --

Last modification made by Mgr. Luděk Švejdar on 11/15/2017.

Type of output: