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
Keywords	probabilistic risk assessment risk factor
Date of Defense	2004-09-03
Availability	unrestricted
Abstract 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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