Case-based activities for risk management education
Higher Education, Skills and Work-Based Learning
ISSN: 2042-3896
Article publication date: 23 February 2024
Abstract
Purpose
This 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/approach
The 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/value
The 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.
Keywords
Acknowledgements
The authors are grateful to Professor Tony Wall, Editor of the journal for his insightful suggestions. The authors are also thankful to the anonymous associate editor and reviewers for their valuable comments, which helped to add value to this paper. The authors are grateful to the management of NICMAR University Pune, formerly the National Institute of Construction Management and Research (NICMAR) in Pune, for giving them this opportunity to discuss and test these Case-Based Activities (CBAs) from time to time with different batches of more than 2000 students ever since the year 2014–15.
Citation
Prakash, A. and Ambekar, S. (2024), "Case-based activities for risk management education", Higher Education, Skills and Work-Based Learning, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/HESWBL-07-2023-0177
Publisher
:Emerald Publishing Limited
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