There is no risk-free product, or decision. Problem solving techniques can be used to reduce risk for products and operations. Risk (the probability of future loss) for products or processes can be identified, assessed and managed quantitatively. Why has one large oil firm had three recent refinery incidents? Is lawn pesticide a significant danger to children? What about Saccharin and bladder cancer? How should your company remediate a toxic landfill? How should nuclear power plant spent fuel be dealt with? Is your company’s largest risk an explosion, or crashes in company cars? Was a billion dollar failure a software risk, or a systems engineering risk? We will answer these and other real-world questions using risk assessment and management using fault and event trees, statistical problem formulation, probabilistic risk analysis, human health risk tools, and risk communication.
It can be argued that many things that make you and your company money and are worth doing have risk associated with them. We will discuss how to quantify, analyze, and manage physical risks that may be essential to your business. This is not a course in financial risk management - it is a course in physical risk management. (11/10 - JA)