Postgraduate - UnitETX9520 - Quantitative methods for risk analysis

Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered.

Synopsis

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.

Outcomes

The learning goals associated with this unit are to:

1. analyse risk statistically by summarising and interpreting data using techniques of descriptive statistics including the use of associated spreadsheet functions
2. analyse and evaluate risk by applying concepts of probability and of probability decisions
3. analyse and evaluate risk via Monte Carlo simulation, using @Risk software
4. evaluate decision-making strategies, including use of PrecisionTree software
5. describe and analyse the quality of production in an industrial process, using statistical control charts.

Assessment

Within semester assessment: 45%
Examination (2 hours): 55%

Chief examiner(s)

Bruce Stephens

Contact hours

3 hours per week

Prohibitions

ETX2011, ETX3011, BUS3800, BUS5800