Postgraduate - UnitETX9520 - Quantitative methods for risk analysis

This unit entry is for students who completed this unit in 2012 only. For students planning to study the unit, please refer to the unit indexes in the the current edition of the Handbook. If you have any queries contact the managing faculty for your course or area of study.

print version

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

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

Level	Postgraduate
Faculty	Faculty of Business and Economics
Offered	Caulfield First semester 2012 (Day) Caulfield Second semester 2012 (Day)
Coordinator(s)	Mr Bruce Stephens

Synopsis

Operations in business and government inevitably entail risk which, of course, must be incorporated into decision making. This unit, supported by software such as @Risk, presents basic quantitative methods for identifying and analysing risk - with broad applicability to areas such as finance, quality control, occupational health and safety, disaster prevention and environmental management.

Outcomes

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 distributions
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%

Chief examiner(s)

Mr Bruce Stephens

Contact hours

3 hours per week

Prohibitions

ETX2011, ETX3011, BUS3800, BUS5800