Center of Risk and Decision Analysis

Mission statement:

Planning for the unexpected!


The analysis of risk and decisions is increasingly being considered as a critical part of contemporary management practices. Increased understanding of risk and uncertainty plays a major role in improving general management disciplines leading to safer practices, increased strategic, tactical and operational efficiency, cost reduction and improved forecasting and planning accuracy.

The mission of CORDA is to advocate and carry out activities in the form of research on business and operational risk and uncertainty, enhance academic and general discussions on this subject and to distribute knowledge regarding risk and uncertainty. The mission of CORDA is furthermore to encourage cross-functional co-operation with industry, government and academic institutions in Iceland and abroad for the purpose of increasing risk awareness and reducing the risk in modern business life and governmental activities.


  • To carry out and support research activities such as research programs and projects in the field of risk analysis within RU and in collaboration with other academic institutions, governments and companies.
  • To initiate conferences, seminars and workshops focused on the analysis and management of risk and uncertainties within the scope of CORDA.
  • To publish and disseminate research results on risk related topics, participate in conferences and to encourage general discussions of these issues.
  • To increase interest among students and the community at large of risk related topics and to enhance risk awareness and the importance of reducing risk for the benefit of business and society.
  • To generate funds for research on risk and uncertainties.
  • To form networks and bring together people from academia, government and business interested in risk and related topics.


CORDA emphasizes risk on strategic, tactical and operational levels resulting in a broad scope.

Activities of CORDA cover aspects from management disciplines such as risk analysis, risk management, strategic planning, project management, decision analysis, risk theory, game theory, operations research, finance and investment, economics, utility theory, behavioural science, safety and hazard management.

CORDA is anchored in the School of Science and Engineering at Reykjavik University. CORDA is a brand owned by RU and may not be used by another party without a formal permission from the owner.

A plan for common research activity envisaged by the members of the CI for the next three years:

The following projects are examples of current research activities residing in CORDA.

  1. Improvement of the Public Project Lifecycle managed by ÞVF.
  2. An open source decision model for strategic planning for the Arctic Region managed by ÞVF.
  3. Risk Analysis Applied for Integrating Safety into System Design (PhD project of Svana Helen Björnsdóttir)
  4. Workforce Management Optimization with Simulation for the Retail and Service Industry (PhD project of Ágúst Þorbjörnsson)

On the agenda is a joint application with the Technical University of Wroclaw within the EFTA framework under the working title “Improvement of the Public Project Lifecycle”.

Also a joint RANNÍS application, to be followed by EU application, in collaboration with Copenhagen University, PRIC, Norðurslóðanetið and other stakeholders under the working name: “Open access decision model for strategic (business) planning for the Arctic”.



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