Case-based activities for risk management education

Abstract

PurposeThis study aims to describe the fundamentals of teaching risk management in a classroom setting, with an emphasis on the learning interface between higher education and the workplace environment for business management students.Design/methodology/approachThe study reviews literature that uses spreadsheets to visualize and model risk and uncertainty. Using six distinct case-based activities (CBAs), the study illustrates the practical applications of software like Palisade @RISK in risk management education. It helps to close the gap between theory and practice. The software assists in estimating the likelihood of a risk event and the impact or repercussions it will have if it occurs. This technique of risk analysis makes it possible to identify the risks that need the most active control.Findings@RISK can be used to create models that produce results to demonstrate every potential scenario outcome. When faced with a choice or analysis that involves uncertainty, @RISK can be utilized to enhance the perspective of what the future might contain.Originality/valueThe insights from this study can be used to develop critical thinking, independent thinking, problem-solving and other important skills in learners. Further, educators can apply Bloom’s taxonomy and the problem-solving taxonomy to help students make informed decisions in risky situations.