E M 568 Risk Assessment and Management

Course Description

Risk assessment and management is the identification, analysis, and prioritization of risks; as well as the coordinated treatment of risk to prevent, minimize, monitor, and control the probability and/or impact of undesirable events and consequences. This graduate course covers the principles and applications of risk assessment and management in the context of engineering management and systems engineering. This course is about the systematic approach to the management of risk as applied to engineering, operations, and management decisions. Students will be prepared to function in a business environment, developing an awareness of the challenges, the tools, and the process of designing and implementing risk assessment and management strategies. In addition to specialized topics in risk, this course will also discuss topics in statistics, decision science, supply chain management, project management, and other fields related to managing risks, in order to provide relevant basis to the methodological development of the risk body of knowledge 

Faculty Contact: Luna Magpili (luna.magpili@wsu.edu)
Semester Credits: 3
Prerequisites: None
Location: Global Campus

Required for:
Systems Engineering Management Certificate
Elective for:
Master’s Degree
Selective for:
Project Management Certificate
Certificate: Industrial Leadership

Course meets at times posted via web conferencing software.

Course Objectives

  • Students will acquire an in-depth understanding of the fundamentals of risk assessment and management.
  • Students will be able to apply risk management strategies and techniques to the design and management of engineering and technology systems.
  • Students will recognize advanced applications and new research in risk assessment and management.

Learning Outcomes

  • L1. Identify and categorize the various risks faced by an organization;
  • L2. Conduct a realistic assessment of those risks with respect to the organization’s risk criteria
  • L2. Explain the various risk control measures available and select the most appropriate actions with respect to risk trade-off functions;
  • L3. Communicate risk and risk management plans to the organization
  • L4. Document, update, and evaluate risk management plans and implementation
  • L5. Through case studies and applications, learn how various industries tailor risk management in real-world context

Course Topics

  • Fundamentals of Risk
    • risk identification
    • risk analysis
    • risk management
  • Risk Tools and Techniques
    • Systems Approach
    • Taxonomy based, risk breakdown structure
    • , HHM, SWOT, root cause analysis, influence diagram
  • Risk Tools and Techniques
    • Risk Matrix. Risk Index and Risk Ranking
    • Risk Tools and Techniques continued
    • FMEA, FTA, CCA
    • ALARP
  • Application of Risk Tools and Techniques
  • Fundamental risk treatment strategies
  • Risk treatment process
  • Performance Monitoring and Review
  • ISO 3100
  • APPLICATIONS: Quantitative Analysis
  • Decision Making Under Uncertainty
  • Decision Trees
  • Monte Carlo Simulation
  • APPLICATIONS: Project Risk Management
  • APPLICATIONS: Supply Chain Risk Management
  • SPECIAL TOPICS: Risk and TOC, Anti-fragility
  • Application of Risk Treatment Strategies, performance monitoring, and review

This course can be used to fulfill the following requirements:

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