IE 5600: Engineering Risk Analysis
Credits: 3. Contact Hours: Lecture 3.
Overview of probabilistic risk analysis, modeling risks, and risk management. Topics include probability, influence diagrams, subjective probability assessment, fault tree analysis, decision making with uncertainty, risk perception, risk communication, and intelligent adversary. Use of Monte Carlo simulation to combine different sources of uncertainty and risk to generate probability distributions over an outcome. Application of probabilistic risk analysis to business investments, engineering systems, critical infrastructure, defense and security, and health systems.