SEEM6105 - Risk and Decision Analysis

Offering Academic Unit
Department of Systems Engineering and Engineering Management
Credit Units
Course Duration
One Semester
Course Offering Term*:
Semester B 2017/18

* The offering term is subject to change without prior notice
Course Aims

The course provides the basic elements of risk and decision analysis. It will cover case studies, methods and tools currently used in the domain.  A key aspect is on how to deal with random variables. It is indispensable to obtain the most accurate values for the probabilities of the outcomes, as well as for the costs of failure. It is important to define precisely the correlations, or links between the variables.  An additional issue is on how to decide under uncertainties. For instance, considering the worst case cannot work in general, since it will lead to negative decisions in many situations. This raises the issue of accepting some risks to get opportunities. The general idea is to mitigate risks as much as possible, and to be prepared to handle situations when risks materialize. Risk and Decision Analysis is a combination of quantitative techniques, organizational aspects as well as behavioural considerations.

Assessment (Indicative only, please check the detailed course information)

Continuous Assessment: 100%
Detailed Course Information


Useful Links

Department of Systems Engineering and Engineering Management