Courses Taught
BA 512 – Risk and Decisions (2)
Construction and use of quantitative methods in business decision-making.
RM 301 – Risk and Decisions (3)
Introduction to decision-making under uncertainty. Mathematical probability and statistics, decision theory and game theory will be studied. R M 301 Risk and Decisions (3) Most tough business decisions involve risk. Smark risk-taking requires special analytical problem solving skills and careful consideration of the relevant data. In this course, you will learn how to conceptualize decisions involving risk, how to analyze your choices, how to estimate the risk, and how to communicate and defend your analysis to others. The skills and tools you will learn come from economics, probability, statistics, and game theory. The focus will be on how the tools from these fields are applied to real world business decisions in risky environments. The concept of risk diversification will be discussed under both independent and correlated risks. Decision rules such as expected value maximization and expected utility maximization will be covered. The role of risk aversion of the decision-making process will be discussed along with how it can be measured. The study of decision analysis will include the use of decision tress. The basic concepts in game theory will be introduced. Students will learn what a Nash equilibrium is and how to derive such an equilibrium. More complicated games with incomplete information will be introduced which are important in decision-making where parties often are missing key pieces of information but must still choose a business strategy. Problems of asymmetric information will be studied; these situations arise when one party to a transaction or contract has more information relevant to the decision than the other party. For these types of problems, such as adverse selection and moral hazard, optimal solutions will be discussed.
RM 496 – Indep Studies (Variable)
Creative Projects, including research and design, which are supervised on an individual basis and which fall outside the scope of formal courses.
RM 320W – Risk Mgmt and Ins (3)
Goals and methods of risk management. Commercial insurance and alternative risk transfer (ART) methods in addition to the characteristics of insurance markets and intermediaries used by risk managers. This course covers the risk management process used by organizations to deal with the risks that they face with an emphasis on the types of risk commonly handled through the commercial insurance market. It addresses the costs and benefits of risk management, the goals of the process and the methods available to handle risks. The methods covered include both traditional and nontraditional ones including retention, commercial insurance, captive insurers, loss sensitive contracts, finite risk plans and securitization. The characteristics of the insurance markets and intermediaries used by risk managers are studied. These include insurance company organizational forms, operational structures, measures of performance, regulation and the role of brokers. The risks to organizations that are addressed include risks to employees, risks to customers, risks to shareholders and risks to third parties. The types of insurance covered include workers compensation, employment practices liability, products liability, general liability, directors and officers liability and environmental impairment liability. In addition, the failure of risk management during the recent financial crisis is analyzed. The course ends with a case study of risk management at Penn State University to give students a detailed perspective of the risk management program of a complex organization and to provide insight into how changes in the market environment can significantly affect such a program.
RM 494H – Research Project (3)
Supervised honor student research projects identified on an individual or small-group basis.
RM 320 – Risk Mgmt and Ins (3)
R M 320W – Risk Management and Insurance (3)
Goals and methods of risk management. Commercial insurance and alternative risk transfer (ART) methods in addition to the characteristics of insurance markets and intermediaries used by risk managers.
R M 301 – Risk and Decisions (3)
Introduction to decision-making under uncertainty. Mathematical probability and statistics, decision theory and game theory will be studied.
R M 496 – Independent Studies (Variable)
Creative Projects, including research and design, which are supervised on an individual basis and which fall outside the scope of formal courses.
INS 301 – Risk and Insurance (3)
Introduction to the principles and methods of handling business and personal risks; emphasis on insurance techniques.
INS 310W – Property and Liability Insurance Market (3)
Property and liability insurance industry and company operations.
INS 405 – Corporate Risk Management (3)
Insurance management for corporate organizations; self-insurance, risk transfer, and other alternatives to insurance.
INS 497C – The Economics of Biotechnology, Phamaceuticals and Health Insurance (3)
The course provides an overview of the economic and management issues facing the biotechnology and pharmaceutical industries. Topics covered will include R&D, financing, alliances and joint ventures, M&A, production, marketing and the important role of pu
INS 496 – Independent Studies (variable)
Creative Projects, including research and design, which are supervised on an individual basis and which fall outside the scope of formal courses.
INS 395 – Internship (variable)
Supervised off-campus, nongroup instruction including field experiences, practica, or internships. Written and oral critique of activity required.
INS 575 – Risk Management (2)
Develop an understanding of the risks facing corporations and the methods available to deal with those risks.
