The University of Southampton
Centre for Risk Research

CRR professor to address business leaders on which opportunities and risks matter the most

Published: 
2 February 2017
Risk or opportunity?

The Centre for Risk Research is pleased to announce that on 29th March 2017 Professor Chris Chapman will deliver a Southampton Business School Evening Seminar titled 'Which Opportunities and Risks Matter the Most?'

Chris Chapman, an Emeritus Professor in the Centre for Risk Research (CRR), plans to discuss how balancing the most important opportunities and risks in a way that is both effective and efficient is a critical issue for business success. Chris will explain that opportunities can be easily missed and risks unidentified and he will discuss how organisations can manage this process without overlooking important opportunities and ‘unknown unknowns'.

Professor Chapman explained that "This seminar is aimed at anyone interested in how systematic approaches to uncertainty and underlying complexity can help organisations capture key opportunities and avoid crucial risks. It will provide illustrations of some key conceptual and operational tools, starting with a decision diagram BP used when planning offshore projects in the North Sea. This will show how expected cost and associated risk can be reduced at the same time - realising an opportunity to increase reward by providing 'risk efficiency'. I will link this to a decision diagram used for a culture change project for IBM UK, illustrating how taking more bearable risk can yield another kind of opportunity. This starting point will be used to explore further linked ideas, like distinguishing between good luck and good management, bad luck and bad management. Sensitivity diagrams developed for BP to search for opportunities in complex uncertainty structures will be illustrated. Simple versions developed for IBM bidding purposes will also be explained, along with simple versions developed for the Highways Agency when costing motorway construction. This basis will be used to sketch the way forward for organisations which want to apply variants of these ideas to their own context."

Professor Chris Chapman is Emeritus Professor of Management Science within Southampton Business School at the University of Southampton. He was the Founding Chair of the Project Risk Management Specific Interest Group at the Association for Project Management (1986 - 1991). He was also the President of the Operational Research Society (1992 - 1993) and a Panel Member for Business and Management Studies, HEFCE Research Assessment Exercise, (1992 and 1996). He is an Honorary Fellow of the Institute of Actuaries and has a wide range of consulting, research and teaching experience. His focus on risk management began in 1975, evolving into opportunity, risk, uncertainty and complexity management by 2010.

For more detail about the seminar and to book a place, please see the following webpage: http://www.southampton.ac.uk/business-school/news/seminars/2017/03/29-which-opportunities-risks-matter-the-most.page

Professor Chapman
Professor Chapman

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