Risk Analysis

Subject CVEN30008 (2011)

Note: This is an archived Handbook entry from 2011.

Credit Points: 12.50
Level: 3 (Undergraduate)
Dates & Locations:

This subject is not offered in 2011.
Time Commitment: Contact Hours: 48 hours (Lectures: 2 hours per week, Tutorials: 1 hour per week, Consultations: 1 hour per week)
Total Time Commitment: 120 hours
Prerequisites: Admission to Master of Engineering OR the following subject:
Subject
Study Period Commencement:
Credit Points:
Summer Term, Semester 1, Semester 2
12.50
Corequisites: None
Recommended Background Knowledge: None
Non Allowed Subjects: None
Core Participation Requirements: For the purposes of considering requests for Reasonable Adjustments under the Disability Standards for Education (Cwth 2005), and Students Experiencing Academic Disadvantage Policy, academic requirements for this subject are articulated in the Subject Description, Subject Objectives, Generic Skills and Assessment Requirements of this entry. The University is dedicated to provide support to those with special requirements. Further details on the disability support scheme can be found at the Disability Liaison Unit website: http://www.services.unimelb.edu.au/disability/

Contact

Dr Lihai Zhang
lihzhang@unimelb.edu.au

Subject Overview: This subject will focus on how risk analysis and management principles and techniques can be applied to engineering projects. Topics covered include: probability, random variables and their probability distributions and simulation techniques; confidence intervals and significance testing; parameter estimation, least squares modelling; an introduction to the history of engineering failures; the forms of risk and risk identification; the sociological implications of acceptable risk; approaches to risk management, monitoring for compliance, risk perception and design implications
Objectives: On successful completion of this subject students should be able to:
  • Identify information sources and risks for engineering projects
  • Identify and develop a plan for managing risks and opportunities
  • Use statistical methods to analyse empirical data and develop a risk based simulation model. Undertake a sensitivity analysis to identify critical variables that have the potential for threatening the success of a project
  • Develop a Monte-Carlo simulation model to determine the likelihood a project will be financially viable
  • Implement a risk management framework based on AS/NZS/ISO 31000: 2009 including the context establishment, risk identification, risk analysis, risk evaluation, risk treatment
  • Identify and classify risk in terms of their severity and likelihood
  • Use tools to diagrams to assist in identifying and representing risks
  • Define a range of performance metrics for an engineering system
Assessment:
  • 2-hour examination, end of semester (60%)
  • Assignments totalling 3000 words, due mid-semester and end of semester (30%)
  • Attendance and contribution to discussion in tutorials, during semester (10%)
Prescribed Texts:
  • Risk Analysis: A Quantitative Guide, 3rd Edition. (David Vose). John Wiley & Sons Ltd.
  • Statistics for Engineers and Scientists, 2nd Edition. (William Naridi). McGraw-Hill.
Breadth Options:

This subject potentially can be taken as a breadth subject component for the following courses:

You should visit learn more about breadth subjects and read the breadth requirements for your degree, and should discuss your choice with your student adviser, before deciding on your subjects.

Fees Information: Subject EFTSL, Level, Discipline & Census Date
Generic Skills:
  • Ability to apply knowledge of science and engineering fundamentals
  • Ability to undertake problem identification, formulation, and solution
  • Understanding of social, cultural, global, and environmental responsibilities and the need to employ principles of sustainable development
  • Ability to utilise a systems approach to complex problems and to design and operational performance
  • Ability to function effectively as an individual and in multidisciplinary and multicultural teams, as a team leader or manager as well as an effective team member
  • Ability to communicate effectively, with the engineering team and with the community at large
Related Course(s): Bachelor of Science
Related Majors/Minors/Specialisations: B-ENG Civil Engineering stream
Civil (Engineering) Systems
Civil Systems
Master of Engineering (Civil)
Master of Engineering (Environmental)
Master of Engineering (Structural)
Physical (Environmental Engineering) Systems

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