Nach positiver Absolvierung der Lehrveranstaltung sind Studierende in der Lage...
To deliver a good performance (e.g. good grades in a course) is hardly achieved only by luck. A more promising way is to establish a solid performance management system. Where in its planning system the targeted performance is set and the future actions to be taken are planned and in its control system the actual performance is measured, compared to the targets and resulting deviations are taken to adjust the performance management systems for a better performance in the next period. In the context of socio-technical systems many different types of risks show up, which are not present in purely technical systems. In “Risk-based Performance Management” these risks are explicitly integrated into the performance management systems in order to deliver a better performance (e.g. better grades in a course).
In the practical part of this lecture an investor’s budgeting perspective is taken within the renewable energy domain in order to determine optimal investment volumes for direct investments. For this purpose the fundamentals of energy markets and their distinctions from financial markets are shown. The direct investment decisions are non-trivial since they are dealing with problems which are stochastic (uncertain) and intertemporal (dynamic) in nature. For instance, wind (a stochastic source of energy) does not power the turbines in an energy park on demand. Moreover, direct investment decisions include preferences of management (performance or risk criteria imposed by managers) and therefore need to combine technical with economic aspects of decision-making. To shed light on how direct investment decisions are made and work a case study research project is performed in order to acquire the necessary skills for being able to carry out independent risk-based performance management tasks.
Tentative course contents:
Risk-based Performance Management is comprised of two parts:
