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This subject will focus on how risk analysis and management principles and techniques can be applied to engineering projects. The subject introduces a range of risk analysis techniques, which are put in the context of engineering projects and analysed using the framework of the risk standard (AS/NZS ISO 31000:2009). Risk is a fundamental concept that is applied to every engineering project, whether it is ascertaining the risk of health impacts of water treatment processes, prevention of loss of life by flood mitigation projects, or catastrophic losses caused by the failure of structure in earthquakes or storms.
The subject is of particular relevance to students wishing to establish a career in Engineering management, but is also of relevance to a range of engineering design disciplines where design for the total life cycle of the product or infrastructure should be considered.
Topics covered include: an introduction to the history of engineering failures; the forms of risk and risk identification; project risk analysis; the sociological implications of acceptable risk; approaches to risk management, monitoring for compliance, risk perception and design implications.
Intended learning outcomes
INTENDED LEARNING OUTCOMES (ILO)
On completion of this subject the student is expected to:
1. Identify information sources and risks for engineering projects
2. Identify and develop a plan for managing risks and opportunities
3. Use statistical methods to analyse empirical data and develop a risk based simulation model. Undertake a sensitivity analysis to identify critical variables that have the potential for threatening the success of a project
4. Use simulation and Engineering Reliability techniques to predict the occurrence of failures of engineering projects
5. Implement a risk management framework based on AS/NZS/ISO 31000: 2009 including the context establishment, risk identification, risk analysis, risk evaluation, risk treatment
6. Identify and classify risk in terms of their severity and likelihood
7. Use tools to diagrams to assist in identifying and representing risks
8. Define a range of performance metrics for an engineering system.
- Ability to apply knowledge of science and engineering fundamentals
- Ability to undertake problem identification, formulation, and solution
- Understanding of social, cultural, global, and environmental responsibilities and the need to employ principles of sustainable development
- Ability to utilise a systems approach to complex problems and to design and operational performance
- Ability to function effectively as an individual and in multidisciplinary and multicultural teams, as a team leader or manager as well as an effective team member
- Ability to communicate effectively, with the engineering team and with the community at large.
Last updated: 10 August 2022