ETX9520 - Quantitative methods for risk analysis
6 points, SCA Band 0 (NATIONAL PRIORITY), 0.125 EFTSL
Postgraduate Faculty of Business and Economics
Leader(s): Mr Bruce Stephens
Topics include the need for risk analysis and the costs involved; the nature of risk and human behaviour; risk identification and measurement techniques most commonly used in industry, including physical inspections, check lists, organisational charts, flow charts, hazard and operability studies, fault trees and hazard indices; fundamental statistical analysis, including the use of probability and probability distributions and the use of simulation models; reports and the techniques of report writing.
The learning goals associated with this unit are to:
- analyse risk statistically by summarising and interpreting data using techniques of descriptive statistics including the use of associated spreadsheet functions
- analyse and evaluate risk by applying concepts of probability and of probability decisions
- analyse and evaluate risk via Monte Carlo simulation, using @Risk software
- evaluate decision-making strategies, including use of PrecisionTree software
- describe and analyse the quality of production in an industrial process, using statistical control charts.
Within semester assessment: 45%
Examination (2 hours): 55%
3 hours per week
ETX2011, ETX3011, BUS3800, BUS5800