Apply Bayesian thinking & utility theory to enhance project decisions. Master advanced tools for risk management & strategic opportunity analysis.
Apply Bayesian thinking & utility theory to enhance project decisions. Master advanced tools for risk management & strategic opportunity analysis.
This comprehensive course focuses on advanced decision-making strategies for project management executives and owners. Students learn to leverage probabilistic models, Bayesian thinking, and utility theory to make optimal project decisions. The course covers risk transfer mechanisms, including insurance, catastrophe bonds, and alternative risk transfer methods. Participants develop skills in calculating risk premiums, evaluating insurance options, and implementing strategic risk management solutions. The curriculum emphasizes practical applications for construction firms, facility managers, municipal governments, and investors, enabling them to transform project risks into opportunities.
Instructors:
English
English
What you'll learn
Master advanced project decision-making considering risk aversion and utility theory
Learn to calculate and optimize risk premiums using quantitative models
Understand risk transfer mechanisms through insurance and reinsurance
Evaluate and implement alternative risk transfer strategies
Develop expertise in catastrophe bonds and their applications
Optimize transaction costs in risk transfer operations
Skills you'll gain
This course includes:
PreRecorded video
Graded assignments, Exams
Access on Mobile, Tablet, Desktop
Limited Access access
Shareable certificate
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There are 5 modules in this course
This advanced course equips project leaders with sophisticated decision-making tools and strategies for managing project risks. The curriculum covers quantitative risk analysis, utility theory application, and various risk transfer mechanisms including insurance and catastrophe bonds. Students learn to evaluate and implement different risk management strategies, calculate risk premiums, and optimize project decisions using behavioral economics principles. The course emphasizes practical applications for various industries, helping professionals transform project risks into strategic opportunities.
Decision Making
Module 1
Risk Aversion and Utility Theory
Module 2
Risk Transfer via Insurance
Module 3
Re-Insurance Industry
Module 4
Cat Bonds and Alternative Risk Transfer
Module 5
Fee Structure
Instructor

3 Courses
Leading Expert in Civil Infrastructure Risk Analysis and Geotechnical Engineering
Dr. Gregory B. Baecher serves as Glenn L. Martin Institute Professor of Engineering at the University of Maryland, where he has established himself as a pioneering researcher in infrastructure risk assessment and reliability engineering. After completing his BS in Civil Engineering from UC Berkeley and PhD from MIT, he has built an extraordinary career spanning academia and industry, including roles as Professor at MIT and President of ConSolve Inc. His work focuses on developing probabilistic methods for assessing civil infrastructure safety, particularly in geotechnical and water resources engineering. As a member of the National Academy of Engineering and distinguished member of the American Society of Civil Engineers, he has significantly influenced the field through four books and over 200 technical publications. His expertise particularly shines in risk analysis of constructed facilities, demonstrated through his extensive consulting work with government and industry on dam safety and coastal protection. Through his research and leadership roles, including serving as Department Chair at Maryland's Civil and Environmental Engineering department, he continues to advance the field while earning numerous honors including the Terzaghi Lecture Award and the Commander's Award for Public Service from the US Army Corps of Engineers.
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Frequently asked questions
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