RSK80007 Assignment 3 Semester 1 2021 XXXXXXXXXXMRM/A/S2/6720/12 Faculty of Engineering and Industrial Science Higher Education Division Unit of Study Assessment RSK80007 Quantified Risk Modelling...

ONLY QUESTION 3 IN ASSINGMENT 2 WHICH IS RELATED TO UPCOMING ASSINGMENT WHICH ASSINGMENT 3


RSK80007 Assignment 3 Semester 1 2021 MRM/A/S2/6720/12 Faculty of Engineering and Industrial Science Higher Education Division Unit of Study Assessment RSK80007 Quantified Risk Modelling Assignment 3 Semester 1, 2021 All students enrolled in this unit of study are provided access to relevant Blackboard site. Please visit the postgraduate resources page on the 
 Faculty of Engineering & Industrial Sciences Website 
 http://www.swinburne.edu.au/feis/postgrad/ 
 to download the following information: • Student Guide 2012 • Avoiding Plagiarism & Cheating Guide • Swinburne Library Guides • Assessment Cover Sheets You will also find other useful resources and forms to 
 assist you in your studies. © Swinburne University of Technology, 2015 Except as provided in the Copyright Act 1968, this document may not be reproduced in any form without the written permission of the University. http://www.swinburne.edu.au/feis/postgrad/ Page of 2 2 RSK80007 Quantified Risk Modelling ASSIGNMENT 3 Your task is to develop quantified Risk models of two Risks of interest to you. This is an academic exercise and its purpose is to make you familiar with the process of quantified Risk modelling and to show me you understand the theory and the practice. a) Write up each Risk as a case study that explains the Risk in detail and describes the proposed control measures. b) Estimate/judge the values that could realistically be given to the various parameters relevant to modelling Risk and explain your reasoning to me. Don’t spend inordinate amounts of time trying to justify any of the values that have to be estimated/judged in order to complete the task (eg. does a death cost $3M or is it $3.2M? Is the Exposure 20 times a year or 18?). However, ensure that you do have justification for the values you use as I am not interested in you simply using a number with no justification. c) Use your spreadsheet to estimate the position of the Risk line, using any necessary “reality checks”. In other words, justify or even make a clear statement of the inadequacies of what you have done and the need for further investigation. Estimate the Risk value. Qualities I value in assessing your work are: • Understanding of the theory • A well-developed spreadsheet that is easy to understand • Units or meaning are made clear (see the Orientation to this Unit Module) • Explanation and justification/critique of values used. There is no target word count for your case study. (You are practicing a very useful technique so I hope you find the development of your spreadsheet and understanding of how it all works stimulating, not a chore). [50 marks each case study, 100 marks total] ASSIGNMENT 3 Worth: 33.33% Due Date: Midnight, Sunday 31st May Length: As and where indicated in the questions. If no word count guide is given assume that brief and precise responses are required. Purpose: To provide a structured opportunity to consider and apply the concepts presented in the notes. Semester 1, 2020, rev 1 RSK80007 Assignment 2 Semester 1 MRM/A/S2/6720/12 Faculty of Engineering and Industrial Science Higher Education Division Unit of Study Assessment RSK80007 Quantified Risk Modelling Assignment 2 Semester 1, 2021 All students enrolled in this unit of study are provided access to relevant Blackboard site. Please visit the postgraduate resources page on the 
 Faculty of Engineering & Industrial Sciences Website 
 http://www.swinburne.edu.au/feis/postgrad/ 
 to download the following information: • Student Guide 2012 • Avoiding Plagiarism & Cheating Guide • Swinburne Library Guides • Assessment Cover Sheets You will also find other useful resources and forms to 
 assist you in your studies. © Swinburne University of Technology, 2015 Except as provided in the Copyright Act 1968, this document may not be reproduced in any form without the written permission of the University. http://www.swinburne.edu.au/feis/postgrad/ Page of 2 2 RSK80007 Quantified Risk Modelling ASSIGNMENT 2 1. Submit two risk modelling spreadsheets (not pdfs) which you have used to replicate (or approximate if you use other assumed values) the results of the two case studies provided as examples in this Module. One spreadsheet for each example. This spreadsheet must have the features illustrated in the sample spreadsheet design that has been provided. [80 marks] 2. Monte Carlo analysis In your own words, describe how Monte Carlo analysis works and can benefit a quantified risk model (approx 500 words). Any material copied and pasted from the web will be ignored in my assessment of this item. [30 marks] 3. Your two risks a) Properly describe the two risks for which you will develop quantified risk models in Module 3. These risks are to be relevant to your actual or potential professional interest. (8 marks) b) What unit of Exposure is relevant to each case? (4 marks) c) Provide an explanation of the overall strategy you believe is required to develop each QRM. (8 marks) [20 marks] ASSIGNMENT 2 Worth: 33.33% Due Date: Midnight, Sunday 2nd May Length: As and where indicated in the questions. If no word count guide is given assume that brief and precise responses are required. Purpose: To provide a structured opportunity to consider and apply the concepts presented in this Module. Semester 1, rev 2