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Risk Assessment and Management of Engineering Systems

Key Faculty: Yacov Y. Haimes, James H. Lambert

Area Description: Risk and uncertainty are ever present in the actions of human beings and they are frequently magnified in large-scale technological systems. Risk and uncertainty must be managed effectively to protect people from injury and to permit the development of reliable, high-quality products. Organizations that successfully address the risk and uncertainty caused by future product designs, resource availability, natural forces, market changes, and the reliability of man/machine/software systems will dominate the technological world. Today an ever-increasing number of professionals and managers in industry, government, and academia are devoting a larger portion of their time and resources to the task of improving their approach to, and understanding of, risk-based decision-making. Risk management must be an integral part of the management of technology-based systems, where the failure of the system can be contributed by the hardware, the software, the organization, or the humans. Furthermore, the education of future engineers and scientists would be incomplete without knowledge of risk management and its applications to societal and industrial competitiveness, environmental protection, and public safety.

Potential Courses:
SYS 614 Risk and Decision Analysis
SYS 721 Research Methods in Systems Engineering
SYS 754 Multi-objective Optimization
SYS 775 Forecast-Decision Systems
APMA/NE 618 Reliability and Risk Analysis
APMA 643 Statistics for Engineers and Scientists
EE 734 Reliable Digital Design and Analysis
EE 611 Probability and Stochastic Processes
CE 632 Project Management
CE 535/635 Transportation Systems Planning and Analysis
CE 637 Traffic Systems Management
CE 640 Wastewater Treatment
CE 641 Water Quality Modeling
CE 643 Theory of Groundwater Flow and Contaminant Transport
CE 644 Water Chemistry for Environmental Engineering
CE 653 Hydrology
CE 656 Environmental Systems Analysis
CHE 674 Process Design and Economics
GBUS 890 Management Decision Models
GBUS 884 Innovation and Technology Management
MAE 667 Introduction to Manufacturing System
MAE 668 Advanced Manufacturing Technologies
STAT 513 Applied Multivariate Statistics
STAT 514 Survival Analysis and Reliability Theory
STAT 515 Actuarial Statistics
STAT 517 Applied Time Series
STAT 720 Advanced Probability Theory for Applied Scientists
MATH 509 Mathematical Probability
MATH 511 Stochastic Processes
ECON 509/510 Introduction to Mathematical Economics
ECON 572 Introductory Econometrics
PLAN 550 Natural Systems and Environmental Planning
PLAN 553 Environmental Policy and Planning
PLAN 555 Environmental Impact Assessment
PLAN 605 Quantitative Planning Analysis

Example Concentration Areas

A student interested in any area has the ability to customize his course selection to fit his concentration. Possible concentrations within risk assessment and management of engineering systems include:

Job Opportunities

Aerospace and transportation engineering, health and environmental protection, regulatory and public policy, technology management, water resources and environmental engineering, credit and banking, systems analysis and engineering, safety and reliability engineering.