SE4353 Risk Analysis and Management for Engineering Systems

This course covers three areas in the risk field - Qualitative Risk Analysis, Quantitative Risk Analysis, and Decision Risk Analysis. Qualitative Risk Analysis presents techniques for risk identification/evaluation, risk handling, risk monitoring and risk management. Quantitative Risk Analysis includes Probabilistic Risk Assessment (RPRA) of system performance and project cost/schedule. Decision Risk Analysis gives the students an understanding of how to apply risk and cost benefit techniques in decision making when one must deal with significant risk or uncertainty. The course will present a framework for balancing risks and benefits to applicable situations. Typically, these involve human safety, potential environmental effects, and large financial and technological uncertainties. Concepts are applied toward representative problems resulting in risk and decision models that provide insight and understanding, and consequently lead to more successful projects/programs with better system performance within cost and schedule. This is the same course as ME4753.  

Prerequisite

OS3180, or OS3111.

Lecture Hours

3

Lab Hours

2

Course Learning Outcomes

Upon successful completion of this course, students will be able to:

• Students will have advanced knowledge in the specialized discipline of risk analysis and management in support of engineering programs, including Mechanical Engineering.

• Students will have high level of communication skills including technical writing and oral presentation of their risk analysis and risk management recommendations.

• Students will have the ability to independently identify, formulate, and solve risk problems as they relate to engineering problems.

• Students will have the ability to apply risk related technical knowledge in a leadership role related to national security.