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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

Offered

Caulfield First semester 2009 (Day)
Caulfield Second semester 2009 (Day)
Caulfield Second semester 2009 (Off-campus)
Caulfield Second semester 2009 (Weekend On-campus)

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.

Objectives

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.

Assessment

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

Contact hours

3 hours per week

Prohibitions

ETX2011, ETX3011, BUS3800, BUS5800

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