SYS 7050 - Risk Analysis

A study of technological systems, where decisions are made under conditions of risk and uncertainty. Part I: Conceptualization: the nature of risk, the perception of risk, the epistemology of risk, and the process of risk assessment and management. Part II: Systems engineering tools for risk analysis: basic concepts in probability and decision analysis, event trees, decision trees, and multiobjective analysis. Part III: Methodologies for risk analysis: hierarchical holographic modeling, uncertainty taxonomy, risk of rare and extreme events, statistics of extremes, partitioned multiobjective risk method, multiobjective decision trees, fault trees, multiobjective impact analysis method, uncertainty sensitivity index method, and filtering, ranking, and management method. Case studies. Prerequisite: APMA 3100, SYS 3021, or equivalent.

Credits: 3