Cognitive biases in risk management

Author

William Thomas Siefert

Abstract

"This thesis contends that most Risk Management/Mitigation programs fail to be as effective as they could be due to a number of mostly overlooked drivers, such as motivation and cognitive biases. The issue of cognitive biases is very seldom addressed. When questioned, most engineers purport to not have any biases. They insist that they use only logic, reasoning, and math to make decisions. A set of data was collected and reviewed for this thesis. The data presented shows that cognitive biases do affect the risk management/mitigation process. Knowledge of these biases and their potential impact on a project will lead to better risk management"--Abstract, page iii.

Advisor(s)

Dagli, Cihan H., 1949-

Committee Member(s)

Smith, Eric D.
Miller, Ann K.

Department(s)

Engineering Management and Systems Engineering

Degree Name

M.S. in Systems Engineering

Publisher

University of Missouri--Rolla

Publication Date

Fall 2007

Pagination

viii, 46 pages

Note about bibliography

Includes bibliographical references (pages 109-112).

Rights

© 2007 William Thomas Siefert, All rights reserved.

Document Type

Thesis - Open Access

File Type

text

Language

English

Subject Headings

Reasoning (Psychology)Risk management -- Decision makingRisk management

Thesis Number

T 9278

Print OCLC #

235279015

Electronic OCLC #

192020223

Recommended Citation

Siefert, William Thomas, "Cognitive biases in risk management" (2007). Masters Theses. 4590.
https://scholarsmine.mst.edu/masters_theses/4590