ETF5952 - Quantitative methods for risk analysis - 2019

Operations in business and government inevitably entail risk which, of course, must be incorporated into decision making. This unit 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:

1. analyse risk statistically by summarising and interpreting data using techniques of descriptive statistics including the use of associated spreadsheet functions
2. analyse and evaluate risk by applying concepts of probability and of probability distributions
3. analyse and evaluate risk via Monte Carlo simulation
4. evaluate decision-making strategies
5. describe and analyse the quality of production in an industrial process, using statistical control charts.

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