Master of Science in Industrial Engineering (MSIE)
Risk management involves assessing the risk sources and designing strategies and procedures to mitigate those risks to an acceptable level. Measurement of risk factors plays an important role in the assessment of risk. This research proposes to develop risk assessment frameworks and mathematical model (Probabilistic Risk Assessment model) identify the risk factors. Quantification and prioritization of risk factors will help to design controls, resource allocation policies and minimize the total cost using the Cost Minimization model. The proposed models are applied to a complex system that is representative of actual business situations.
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Shah, Jay Tarakkumar, "Probabilistic risk assessment method for prioritization of risk factors" (2004). LSU Master's Theses. 2248.