Monash University Handbook 2010 Undergraduate - Unit

Synopsis

Physical risk includes diverse threats such as accidents, projects not achieving their objectives and sabotage. The unit describes these risks, the large role they play in business and society and how they can be assessed and controlled. The methods of defining systems that are subject to physical risks and identifying the various sequences of events which might lead to undesirable consequences are described. Physical risk treatment is achieved by reducing the frequency of initiating events, developing reliable means of protection and mitigating the consequences. The mathematical methods of determining the frequency of various event sequences and their consequences are introduced.

Objectives

The learning goals associated with this unit are to:

• define physical risk and its treatment
• explain the risk treatment requirements needed by business
• compare and contrast the risk management process with existing approaches to governance, compliance and control
• demonstrate the mathematical methods for determining the frequency of various event sequences and their consequences
• apply critical thinking, problem solving and presentation skills to individual and/or group activities dealing with physical risk treatment.

Assessment

Within semester assessment: 30%
Examination (3 hours): 70%

Contact hours

One 2-hour lecture and one 1-hour practice class/computer class/seminar

Prerequisites

Enrolment in the Bachelor of Business (Risk Management)

Prohibitions

IND2903