sap course 1429523993

Course Code & Number:

IE 549

Course Title:

Risk Management

Level of Course:

MS

Credits:

(3+0+0) 3 TEDU Credits, 7.5 ECTS Credits

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.

Pre-requisites & Co-requisites:

Pre-requisites: NONE
Co-requisites: NONE
Year of Study: 
Master
Mode of Delivery: 
Face-to-face
Language of Instruction: 
English
Course Type: 
Elective
Required Reading: 
1. S.M. Ross, Stochastic Processes. Wiley. 1995
Course Objective: 

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.

Extended 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.

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)

Planned Learning Activities and Teaching Methods: 
Telling/Explaining
Discussion/Debate
Reading
Case Study/Scenarion Analysis
Simulation & Games
Assessment Methods and Criteria: 
Test / Exam
Quiz/Homework
Written Project

Student Workload:

Quizzes /Homeworks
35
hrs
Midterm Exam 1
12
hrs
Final Exam
18
hrs
Others
62
hrs

Prepared By:

Revised By:

sap_editor