Every company and venture comes with risk. In eCornell's Risk Analysis certificate program, developed by Linda Nozick, director of the Department of Civil and Environmental Engineering at Cornell, professionals learn how individuals and businesses can avoid, mitigate, share and diversify risks. The certificate includes four key modules: risk analysis foundations, risk evaluations, risk modeling and risk perception.
In a recent conversation with eCornell, Nozick discussed how the program charts out risk in a quantitative and statistically focused manner.
How do we quantify risk?
"Measuring risk is actually really difficult. It is one thing to say: Something's risky. But once you have to ask 'how risky,' you have this question of how to put that risk in context with other risks. And we can talk about this really in an interesting way, when we think about valuing human life or how we handle risk in the public sphere. We make very different decisions about investment for risk mitigation on the highway system than we do in a nuclear power plant. You see the massive difference in funding. We try to illustrate that by looking at specific application domains and statistics with understanding that probability distribution. How likely is an outcome and how bad is it?"
