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Course Description

Once you have a sense of risk for a situation, how can you model that risk using the most common tools of the industry?

In this course, you will assess a given situation, select the appropriate modeling tools, and perform a risk analysis. You will begin by identifying the attributes that make a model strong, providing you with a blueprint for creating user-friendly and reliable models for risk analysis. You will explore the most commonly used risk analysis tools, including simulation, fault trees, event trees, Bayesian networks, and statistical tools. Your examination of simulation tools will have you quantifying risk by creating a Monte Carlo simulation and constructing a Bayesian network. Finally, you will discuss mitigation, diversification, and transfer of risk as well as how to pick the correct combination for a given situation. By the end of this course, you will have the necessary foundation to model risk and apply strategies to set you up for success.

You are required to have completed the following courses or have equivalent experience before taking this course:

  • Risk Analysis Foundations
  • Risk Evaluation

Faculty Author

Linda K. Nozick

Benefits to the Learner

  • Create a Monte Carlo simulation and apply it to quantify risk
  • Construct a Bayesian network
  • Outline the steps used to design experiments that quantify risk
  • Describe how the concepts of mitigation, diversification, and transfer may benefit a given situation
  • Identify ways to combine risk management strategies

Target Audience

  • Risk managers and analysts
  • Finance and insurance professionals
  • Project managers
  • Supply chain managers
  • Computer and information security engineers
  • Software developers
  • Engineers
  • Executives
  • Professionals across industries interested in understanding risk management

Applies Towards the Following Certificates

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Enroll Now - Select a section to enroll in
Type
3 week
Dates
Aug 14, 2024 to Sep 03, 2024
Total Number of Hours
30.0
Course Fee(s)
Contract Fee $100.00
Type
3 week
Dates
Nov 06, 2024 to Nov 26, 2024
Total Number of Hours
30.0
Course Fee(s)
Contract Fee $100.00
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