SYSE 575 - Reducing Risk In Decision Making
| Credits: |
4 |
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| Term: |
Winter |
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| Form of Delivery: |
Online |
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| Description: |
This course examines the concepts, techniques and tools for managing risk and making decision as key components of the systems engineering process. In this course, risk connotes a measure of the probability and severity of an undesired event. This course begins with an overview of the risk management (identifying, assessing, monitoring, and mitigating) and decision process. Differences between mission critical and non-mission critical programmatic risk will be emphasized. Other topics include the limits of expected value-based risk analysis, decision making strategies such a max/min, min/max and regrets. Formal methods in risk analysis, elementary decision analysis and decision trees, multi-objective decision making, pareto techniques, optimality, and trade-off analysis will be covered. Risk and decision techniques will be contrasted with the interfacing processes of program management and software engineering, from both the government (DOD) and industrial perspectives. |
| Objectives: |
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Assess risk, quantitatively and qualitatively
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Model Risk through various methods
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Understand the concept of valuation of risk [i.e. utility] and its inherent subjectivity
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Evaluate the value of information to enable the assessment of consultants and advice
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Probabilistic and stochastic representations of risk and how to utilize these concepts
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Develop multiple, potential conflicting, objective models for decision making
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| Texts: |
Making Hard Decisions: An Introduction to Decision Analysis, R. Clemen. 2nd Edition
ISBN 0-534-26034-9
Risk Modeling for Determining Value and Decision Making, G. Koller.
ISBN 1-58488-167-4
NASA Systems Engineering Handbook. NASA.
Available online in course
NASA PRA Guidebook. NASA.
Available online in course |
| Course Materials: |
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