Course
Applied Risk Analysis (RIS615)
Facts
Course code RIS615
Credits (ECTS) 10
Semester tution start Autumn
Language of instruction English
Number of semesters 1
Exam semester Autumn
Time table View course schedule
Literature The syllabus can be found in Leganto
Introduction
The course provides an introduction to conducting risk analyses in practice.
NB! This is an elective course and may be cancelled if fewer than 10 students are enrolled by August 20th for the autumn semester.
The course provides an introduction to how risk analyses are planned, executed and used in practice across various sectors and types of systems. Emphasis is placed on the systematic application of risk assessment methods, relevant frameworks and standards, as well as on how risk assessments can support decision-making and risk management in real-world contexts.
Key frameworks and standards, such as ISO 31000 and NS 5814, are introduced, along with methods including coarse risk analysis, FMEA, HAZOP, fault tree and event tree analysis, Bayesian networks, and simulation.
Learning is supported through exercises and a project assignment where students perform and document a risk analysis of a predefined case. The project work provides experience in applying and combining methods, structuring the analysis, and presenting results in a decision-oriented manner.
After taking and passing the course the student shall:
Knowledge
- have advanced knowledge of principles, frameworks and standards for planning and conducting risk analyses in different types of systems and contexts
- understand the underlying principles, assumptions and areas of application of selected risk analysis methods
- understand how risk analysis can be used to support risk-informed decisions and risk management in practice
Skills
- be able to apply selected risk analysis methods in a systematic manner
- be able to critically assess the suitability and limitations of different risk analysis methods for a given decision context
- be able to perform and document a risk analysis for a realistic case, identify relevant risk-reducing measures and communicate results in a clear and structured way
General competence
- be able to reflect on the role and value of risk analysis as a decision-support tool in different organizational and societal settings
- be able to collaborate effectively in group-based analytical work and contribute to structured discussions on risk
Required prerequisite knowledge
Recommended prerequisites
Exam
Semester assignment
Weight 1/1
Duration 15 Weeks
Marks Letter grades
Aid All
Exam system Canvas
A predefined problem statement will be made available on the first day of lectures, and students must submit the final version of their semester assignment within 15 weeks thereafter. The problem statement is provided in English, but the assignment can be answered in either English or Norwegian. The answer to the problem statement should be in the form of a report with a maximum of 30 pages, with appendices excluded from the page count (the appendices are in addition to the 30 pages).
A continuation assignment is not offered. Students who do not pass can take the semester assignment again the next time the course is offered.
When artificial intelligence is used in assessments, the student must document this by completing and submitting the self-declaration form. If you submit text, calculations, etc. that are directly copied from an AI writing tool, this will be regarded as presenting the work of others as your own and therefore constitutes cheating.
Students shall work on the semester assignment in groups, with each group submitting a joint report. Students can submit both a draft and a more refined version of the report by specified deadlines. Students who choose to do so will receive written feedback on their submissions and be offered guidance from the course instructor based on the submitted drafts.
The group size shall, as a main rule, be 2-3 students. Groups with a single student may exceptionally be permitted for students with approved accommodation needs (see Individual accommodations), if the other group members in an established group withdraw from the course during the semester, or if there are no other students available to collaborate with when the groups are formed (that is, neither other single students to form a group with nor established groups of two students willing to include a third member).
Student-active methodology and close dialogue between the students and the teacher are key elements in the pedagogical work form.
