6 points, SCA Band 2, 0.125 EFTSL
Postgraduate - Unit
Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered.
- First semester 2017 (Day)
- Second semester 2017 (Day)
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.
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.
First semester -
Within semester assessment: 35% + Examination: 65%
Second semester -
Within semester assessment: 45% + Examination: 55%
Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.
See also Unit timetable information