ETX3011

Quantitative methods for risk analysis (6 points)

(BUS)

Leader: Mr Bruce Stephens

Offered:
Caulfield First semester 2003 (Day)
Caulfield Second semester 2003 (Day)
Caulfield First semester 2004 (Day)
Caulfield Second semester 2004 (Day)

Synopsis: This unit presents the basis techniques of quantitative risk analysis. Risk identification and measurement techniques most commonly used in industry are discussed, including physical inspections, check lists, organisational charts, flow charts, hazard and operability studies, fault trees, hazard indices and descriptive statistics. The basic rules of probability are presented in practical contexts and as the foundation for the study of probability distributions - themselves the foundations of risk analysis models. Finally, spreadsheet models of practical situations are developed and evaluated, using simulation methods.

Assessment: Minor project: 10% + Major project: 20% + Examination (3 hours): 70%

Prerequisites: AFX2021, ETX2111 or ETX2121.

Prohibitions: ETX9520, BUS3800, BUS5800