Title page for ETD etd-10302004-221748

Type of Document Master's Thesis
Author Shah, Jay Tarakkumar
Author's Email Address jshah1@paws.lsu.edu
URN etd-10302004-221748
Title Probabilistic Risk Assessment Method for Prioritization of Risk Factors
Degree Master of Science in Industrial Engineering (M.S.I.E.)
Department Industrial & Manufacturing Systems Engineering
Advisory Committee
Advisor Name Title
Charles McAllister Committee Chair
Glenn Sumners Committee Member
Thomas Ray Committee Member
  • probabilistic risk assessment
  • risk factor
Date of Defense 2004-09-03
Availability unrestricted
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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