Risk analysis and economics
Dr Peter Pope
6 points
* 3 hours per week
* Second semester
* Caulfield,
distance, in-house
* Prerequisite: special selection criteria apply
Objectives On completion of this subject students should have developed a sound basic understanding of the concepts and applications of systematic risk analysis.
Synopsis Topics include the need for risk analysis and the costs involved; the nature of risk and human behaviour; the nature of exposure to risk including property, earnings, personnel and legal exposures; the range of risk identification and measurement techniques most commonly used in industry including: physical inspections, check lists, organisation charts, flow charts, hazard and opposability studies, fault trees, hazard indices and analysis of contracts; fundamental statistical analysis including the use of probability calculations and simulation models; the importance of risk analysis, reports and the techniques of report writing.
Assessment Three minor assignments: 20% each
* Examination (3
hours): 40%
Prescribed texts
Dickson G C A Risk economics Witherby
Ritchie B and Marshall D Business risk management Chapman and Hall, 1993
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