Risk Management



Course Number:†††††

Decision Science 6254

Course Title:

Risk Management




Concepts and principles of risk management including identifying, analyzing, mitigating, and communicating risks.


Dr. Ernest Forman.Funger 404. 202-994-6206.


Office Hours:

By Appointment: See

On-line Mondays @ 8:50 pm



Either DNSC 6261 and DNSC 6202 or MBAD 6221 and MBAD 6222.

Recommended Textbook (Optional)

Kendrick, Tom, Identifying and Managing Project Risk: Essential Tools for Failure-Proofing Your Project.


Draft Paper: Risks-We_Face and Risks-We-Take; Enterprise Risk Management - A New Paradigm

DoD Risk, Issue, and Opportunity ManagementGuide for DefenseAcquisition Programs

PWC A practical guide to risk assessment

OMB Circular No. A-123: Management's Responsibility for Enterprise Risk Management and Internal Control


FAA/NAS System Engineering Manual


Homeland Security Risk Lexicon


NIST Guide for Conducting Risk Assessments

NIST Special Publication 800-53. Recommended Security Controls for Federal Information Systems


Open Group 2013-- IT Risk

†† Risk Analysis

†† Risk Taxonomy


MITRE Risk Management Toolkit

 ISO 31000 (Praxiomís Interpretation)


PMBOK Chapter 11

Course Objectives:

Explore various risk definitions and taxonomies.Learn sound principles and concepts of risk management including the identification, measurement, control, deciding, and communication of risk in general with an emphasis on project risk.


Riskion (to be supplied)

Method of Instruction:

Literature review and critique, secondary research, risk project, and student presentations.  Students will learn by applying concepts and theory to cases and/or real projects.


Hypothetical Case or Real World Project: ~50%

Weekly quizzes(5): ~20%

Available Sunday noon; closes Wed 7 PM (before real class time)

Final Exam ~30%

Class Participation: If on borderline of two grades.

(Campus Students: Classroom discussion and 1 Minute Summaries; Distance Students: Collaborate Sessions and 1 Minute Summaries)



Session 1


Overview of Risk Management

Risk Management Framework and Taxonomies

Risk Informed Decision Making

Risk Assessment and Management

Course Project Description


Session 2


Identifying Risk Events

Risk Breakdown Structure

Sources/Threats vs. Events

Session 3


Measuring and synthesizing risk event likelihoods.

Sources/Threats and Vulnerabilities

Session 4


Measuring event impact.

Organizational objective breakdown structure (hierarchy)

Importance of objectives and Consequences of Events

Session 5


Examining and communicating event and total risks

Risk Maps

Bow-tie Diagrams

Identifying Controls

Controls for Sources/Threats

Controls for Event Vulnerabilities

Controls for Impact Mitigation

Session 6


Controlling/Mitigating Risk

Measuring Control Effectiveness

Deciding what controls to implement given resource and other constraints

Session 7


Presentations/Review of Student Projects

Discussion of selected course readings