Risk Analysis

This subject has the following teaching availabilities in 2012:

120 hours

Admission to Master of Engineering OR one of the following subjects:

None

None

Credit will not be given for the following subjects:

For the purposes of considering request for Reasonable Adjustments under the Disability Standards for Education (Cwth 2005), and Student Support and Engagement Policy, academic requirements for this subject are articulated in the Subject Overview, Learning Outcomes, Assessment and Generic Skills sections of this entry.

It is University policy to take all reasonable steps to minimise the impact of disability upon academic study, and reasonable adjustments will be made to enhance a student's participation in the University's programs. Students who feel their disability may impact on meeting the requirements of this subject are encouraged to discuss this matter with a Faculty Student Adviser and Student Equity and Disability Support: http://services.unimelb.edu.au/disability

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

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

• 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%)

• Risk Analysis: A Quantitative Guide, 3rd Edition. (David Vose). John Wiley & Sons Ltd.
• Statistics for Engineers and Scientists, 2nd Edition. (William Naridi). McGraw-Hill.

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

• Bachelor of Arts
• Bachelor of Commerce
• Bachelor of Environments
• Bachelor of Music

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.

• 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