Advanced Quantitative Risk Modelling and Hazard Analysis
Unit code: HES6741
|Credit points||12.5 Credit Points|
|Contact hours||Equivalent to 36 hrs contact time or 150 hrs total study time|
Aims and objectives
The aim of this unit is to extend the student's understanding of analytical risk methods to the point, at which they are able to demonstrate mastery of the use of the methods, and understanding of their limitations and a comprehensive understanding of the limitations of their quantification.
Generic skills outcomes
- Understand the application of reliability mathematics to the quantification of risk models.
- Understand the relationship between reliability mathematics and risk management systems in the choice of numerical estimates of failure probability that reflect real world conditions
- Apply this knowledge in a real-world environment.
- The Weibull Equation, and Weibull Charts
- Types of failures, early failure, the constant failure rate, and old age failure
- Weibull Databases and their use in risk management· Design, procurement, maintenance and operation of equipment, based on Weibull fault analysis
- The use of Monte Carlo methods to the modelling of uncertainty in numerical outcomes
- Use of Chrystal Ball or @Risk or similar spreadsheet plug-ins· Risk modelling project