Course Code & Number
IE 549
Course Title
Risk Management
Credit Hours/ ECTS Credits
(3+0+0) 3 TEDU Credits, 7.5 ECTS Credits
Mode of Delivery:
Face-to-face
Language of Instruction:
English
Pre-requisite / Co-requisite:
Pre-requisites: NONE
Co-requisites: NONE
Catalog Description
Risk definition and analysis. Types of uncertainty. Sources of uncertainty. Risk prediction, assessment and control. Quantitative risk assessment models. Making probabilistic inferences. Probabilistic scenario and sensitivity analysis. Monte-Carlo simulation. Decision making under uncertainty.
Course Objectives
The goal of this course is to teach descriptive models to random events arising in manufacturing and service operations. The models covered are Poisson processes, renewal theory, and discrete and continuous time Markov chains. The course also presents the applications of stochastic processes to solve engineering related problems.
Course Learning Outcomes
Upon succesful completion of this course, a student will be able to
1. Describe a stochastic process (B1, a1)
2. Analyze and identify a stochastic process (B4, e)
3. Generate stochastic models to describe random events in production systems (B5, c)
4. Critically assess the use of stochastic processes in solving complex contemporary problems of manufacturing and service systems (B6, h)
5. Recognize the need of and engage in life-long learning (i)
Learning Activities and Teaching Methods:
Telling/Explaining
Discussion/Debate
Reading
Case Study/Scenarion Analysis
Simulation & Games
Assessment Methods and Criteria:
Test / Exam
Quiz
Case Studies / Homework
Assessment Methods and Criteria Others:
Required Reading
1. S.M. Ross, Stochastic Processes. Wiley. 1995
Learning Activities and Teaching Methods Others:
Student Workload:
| Workload |
Hrs |
| Course Readings |
30 |
| Exams/Quizzes |
45 |
| Case Study Analysis |
36 |
Course & Program Learning Outcome Matching:
