I’ve completed the first half of my master’s program. I’ve taken classes in finance, marketing, accounting, and data science for the past two semesters. In addition to them, I’ve taken classes about my specialty, risk management and insurance. And one of them was RMI 660: Risk Analytics and Behavioral Science.
The RMI 660 class was one of my favorite classes. It was a good combination of psychology, data, and decision-making topics. We learned about theories about how people think or behave in uncertain situations, which helped me reevaluate my decision-making process and changed how I view problems. I’ve also started to question my biases and how I was under the influence of them.
Before the first lecture, we took a short quiz that showed the difference between system one and system two thinking. After the quiz, I knew that this would be one of my favorite classes because I am interested in human behavior. I’ve never really seen the intersection of human behavior and analytical thinking like this before. We also learned about some technical tools like Monte Carlo simulation and an Excel-based risk modeling system. We applied those tools in a case about decision-making, and it was truly a mind-opening learning experience.
This course helped me to have a better view of uncertain situations and be more aware of how I make decisions. I’ve noticed that I am paying closer attention to whether I am being biased or overconfident before I take any actions on problems. This also had a good influence on my academic thinking and how I evaluate risk and approach decision-making. After taking this class, I have a better understanding of how good decision-making is about the thoughtful and deliberate application of theory.
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