The Pitfalls of Heat Maps – Powerful Alternative Risk Management Methods
The Risk Heat Map is widely used to rank risky events and alternatives based on likelihood and consequence. But the risk heat map is fundamentally flawed. It can unintentionally produce arbitrary decisions and risk management actions under the guise of managing uncertainty
In this webinar, University of Texas Professor Eric Bickel will illustrate inherent flaws in the risk heat map and recommend other procedures to improve decision-making and risk management.
Dr. Eric Bickel is an associate professor at the University of Texas, Austin, and an SDG Fellow and member of SDG’s board. At UT-Austin, he is Director of the Graduate Program in Operations Research & Industrial Engineering, and Academic Director of the Strategic Decision and Risk Management Certificate (SDRM) Program. Dr. Bickel also holds courtesy appointments in the Department of Petroleum and Geosystems Engineering and the Energy and Earth Resources graduate program.
This webinar is brought to you by collaboration of the SDG Decision Education Center and Texas Executive Education at The University of Texas at Austin, SDG’s partner in the Strategic Decision and Risk Management Certificate program. For more information on earning a certificate, visit Texas Executive Education.
Original Webinar: Aug. 23, 2017