Welcome to Week 5, Lesson 1. In this module I'd like to talk about decision-making in an ambiguous and complex world. Now in our own personal lives and in our business lives, we face decisions every day – whether we walk to work, drive to work, fly in a private airplane, fly in a commercial airplane, drink water from the tap, not drink water from the tap. We have to make decisions based on our assessment of risk and uncertainty.
Now I'd like to talk about a couple principles. One is called the precautionary principle and the second is called risk/benefit analysis. I'd like to talk about how these are two different approaches toward dealing with risk and uncertainty and how they play a role in our lives every day both in a private level and in a, and in a business sense.
So that's Lesson 1, Week 1, and I look forward to working with you in this module. Thank you very much.