Risk Assessment and Management
Fundamentals of integrated risk assessment and risk-based decision analysis. Stochastic models of natural and technological hazards. Risk-based decision criteria. Methods for multi-hazard risk management: subjective probability, extreme value theory, simulation, event and fault trees, system reliability, and space-time modeling of systems and processes. Dynamic strategies to manage risks. Risk-based regulation, liability, and insurance. Securitization of risks. Case studies involving energy-related technologies, the environment, critical infrastructure systems, and finance.
Sample reading list:
Rowe, W.D., An Anatomy of Risk
Henley, E. and Kumamoto, H., Reliability Engineering and Risk Assessment
Burton, I., Kates, R.W., and White, G.E., The Environment as Hazard
Das, S., Risk Management in Financial Derivatives
Reiss, R.D. and Thomas, M., Statistical Analysis of Extreme Values
Kandal, A. and Avni, E., Engineering Risk and Hazard Assessment
See instructor for complete list
Weekly reading assignments. Term project ( requiring a written report). Students are expected to read 20 pages per week.
Mid Term Exam - 20%
Other Exam - 20%
Term Paper(s) - 40%
Problem set(s) - 20%
Not Open to Freshmen.
additional sample reading list- Vanmarcke, E. Random Fields, Analysis and Synthesis, 2nd Edition, World Scientific Co, 2010
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