Faculty of Business and Economics

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Monash University

Monash University Handbook 2010 Postgraduate - Unit

6 points, SCA Band 0 (NATIONAL PRIORITY), 0.125 EFTSL

FacultyFaculty of Business and Economics
OfferedCaulfield First semester 2010 (Day)
Caulfield Second semester 2010 (Day)
Caulfield Second semester 2010 (Off-campus)
Caulfield Second semester 2010 (Weekend On-campus)
Coordinator(s)Mr Bruce Stephens


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.


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.


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

Chief examiner(s)

Bruce Stephens

Contact hours

3 hours per week


ETX2011, ETX3011, BUS3800, BUS5800