Risk Assessment, Economic Evaluation and Decisions (RIS525)

The course addresses different topics in risk assessment and economic evaluations. The course aims to contribute to better integration of risk assessment and economic evaluations as a basis for decision-making under uncertainty.


Course description for study year 2023-2024. Please note that changes may occur.

Facts

Course code

RIS525

Version

1

Credits (ECTS)

10

Semester tution start

Spring

Number of semesters

1

Exam semester

Spring

Language of instruction

English

Content

The course addresses different topics in risk assessment and economic evaluations. Among others, examples of topics covered are: the risk assessment process, systems approach thinking as a basis for risk-informed decisions, visualization and communication of risk, vision zero for production loss, HFMEA (healthcare failure mode and effect analysis), expected utility theory, different methods for economic evaluations, portfolio theory and fundamentals of microeconomics. During the course, we discuss different principles used in risk management, such as the ALARP principle and the use of risk acceptance criteria. The appropriateness of using cost-benefit analyses, cost-effectiveness analyses, and multi-attribute analyses as decision support tools in safety management is also covered. There is a special focus on how much weight should be given to the uncertainties and the extent to which all the attributes should be transformed to one comparable unit. The course aims to contribute to better integration of risk assessment and economic evaluations as a basis for decision-making under uncertainty.

Learning outcome

After taking and passing the course student shall:

Knowledge

  • have in-depth knowledge of central concepts, principles, methods and/or models related to selected topics in risk assessment, as mentioned under "Content"
  • have in-depth knowledge of central concepts, principles, methods and/or models related to selected topics in economic evaluations in a risk context, as mentioned under "Content", and be able to reflect upon these from a research perspective

Skills

  • be able to independently process scientific literature in the field of risk assessment and economic evaluations

General competence

  • be able to plan and implement various projects in risk management in an independent manner, and contribute constructively in interdisciplinary teams

Required prerequisite knowledge

None

Recommended prerequisites

RAG500 Foundations of risk analysis and risk science, RIS500 Risk analysis and risk management, RIS505 Foundations of Risk Analysis and Risk Science

Exam

Form of assessment Weight Duration Marks Aid
Written exam 1/1 4 Hours Letter grades

Course teacher(s)

Course coordinator:

Eirik Bjorheim Abrahamsen

Head of Department:

Tore Markeset

Method of work

Student-active methodology and close dialogue between student and teacher are key elements in the pedagogical work form.

Overlapping courses

Course Reduction (SP)
Economic analysis in risk management (RIS620_1) 5

Open for

Admission to Single Courses at the Faculty of Science and Technology Industrial economics - Master of Science Degree Programme Risk Analysis - Master of Science Degree Programme Risk Management - Master's Degree Programme (Master i teknologi/siviling.)

Course assessment

There must be an early dialogue between the course coordinator, the student representative and the students. The purpose is feedback from the students for changes and adjustments in the course for the current semester.In addition, a digital course evaluation must be carried out at least every three years. Its purpose is to gather the students experiences with the course.

Literature

Search for literature in Leganto