Quantitative Risk Modelling
Duration
- One Semester or equivalentThe final offering of this unit is Semester 1 2021
Contact hours
- 0 hours
On-campus unit delivery combines face-to-face and digital learning.
Aims and objectives
To provide a theoretical basis for and skill in the development of quantified risk models.
Unit Learning Outcomes
Students who successfully complete this unit will be able to:
1. Appreciate the theory behind development and quantification of risk models
2. Conduct quantitative analyses and plan risk models
3. Apply probability estimates to risk models using mean values
4. Incorporate uncertainty of probability estimates in a risk model
Students who successfully complete this unit will be able to:
1. Appreciate the theory behind development and quantification of risk models
2. Conduct quantitative analyses and plan risk models
3. Apply probability estimates to risk models using mean values
4. Incorporate uncertainty of probability estimates in a risk model
Unit information in detail
- Teaching methods, assessment, general skills outcomes and content.
Teaching methods
*Scheduled face to face: N/A
*Scheduled synchronous online learning events (N/A)
Non-scheduled online learning events and activities (N/A)
Other non-scheduled learning events and activities including independent study (approx. 150 hours)
*Scheduled synchronous online learning events (N/A)
Non-scheduled online learning events and activities (N/A)
Other non-scheduled learning events and activities including independent study (approx. 150 hours)
Assessment
| Types | Individual or Group task | Weighting | Assesses attainment of these ULOs |
| 1. Assignment 1 | Individual | 30% | 1,2,3,4 |
| 2. Assignment 2 | Individual | 30% | 1,2,3,4 |
| 3. Assignment 3 | Individual | 40% | 1,2,3,4 |
Minimum requirements to pass this unit
As the minimum requirements of assessment to pass a unit and meet all Unit Learning Outcomes to a minimum standard, a student must achieve:
• an overall mark for the unit of 50% or more.
As the minimum requirements of assessment to pass a unit and meet all Unit Learning Outcomes to a minimum standard, a student must achieve:
• an overall mark for the unit of 50% or more.
General skills outcomes
During this unit students will receive feedback on the following key generic skills:
• Analysis skills,
• Problem solving skills,
• Communications skills,
• Ability to work independently.
• Analysis skills,
• Problem solving skills,
• Communications skills,
• Ability to work independently.
Content
• Module One is a review of descriptive and inferential statistics sufficient to enable a student to understand how the variability in number estimates is described by statistical theory.
• Module Two is a review of probability theory, Boolean algebra, and reliability mathematics suited to practical application in risk models.
• Module Three covers the theory of risk modelling and the practical quantification of risk models.
• Module Two is a review of probability theory, Boolean algebra, and reliability mathematics suited to practical application in risk models.
• Module Three covers the theory of risk modelling and the practical quantification of risk models.
Study resources
- Reading materials.
Reading materials
A list of reading materials and/or required texts will be made available in the Unit Outline.