Risk analysis and economics
Dr Kevin Wong
6 points * 3 hours per week * First, second semester * Caulfield, Distance, In-house * Prerequisite: Special selection criteria applies
Objectives On completion of this subject, students should have developed a sound basic understanding of the concepts and applications of systematic risk analysis.
Synopsis The need for risk analysis and the costs involved; the nature of risk and human behaviour; the nature of exposure to risk including property, earnings, personnel and legal exposures; the range of risk identification and measurement techniques most commonly used in industry including: physical inspections, check lists, organisation charts, flow charts, hazard and opposability studies, fault trees, hazard indices and analysis of contracts; fundamental statistical analysis including the use of probability calculations and simulation models; the importance of risk analysis, reports and the techniques of report writing.
Assessment Three minor assignments (10% each) * Major assignment (3 hours): 30% * Final examination (3 hours): 40%
Prescribed texts
Ritchie B and Marshall D Business risk management Chapman and Hall, 1993