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Courses - Fall 2023
Engineering, Civil Department Site
Risk Analysis in Engineering and Economics
Credits: 3
Grad Meth: Reg, Aud
Prerequisite: ENCE302.
Credit only granted for: ENCE489L, ENCE620, ENRE648M, or ENSE698R.
Covers quantitative risk analysis and management using probability theory and statistics starting with system definition, hazard and scenario identification, likelihood estimation and consequence assessment, and finishes with economic valuation and microeconomics for informing decision making. It covers the topics: uncertainty, risk, knowledge and ignorance related definitions; natural and anthropogenic hazards and fundamental risk methods; system abstraction and associated complexities; analytical and empirical reliability and resilience estimation for components and systems; consequence, severity and loss analysis and accumulation including property and life; economic valuation; risk-cost-benefit tradeoffs and analysis; microeconomics and socioeconomics in risk analysis for informing decisions; risk management, acceptance, tolerance and finance; data needs and sources; expert-opinion elicitation; applications in engineering, sciences and economics.
Cross-listed with ENCE489L, ENRE648M, and ENSE698R. Credit only granted for ENCE489L, ENCE620, ENRE648M, or ENSE698R.