45-966 Catastrophic Risk Analysis
6 units, Carnegie Mellon University
Catastrophic risk can end corporate life. Catastrophic risks are unanticipated losses or damage that cripple an organization and often lead to a survival mode. The following questions are examples of corporate survival situations that are the results of catastrophic risks. BP systematically underestimated physical risks, costing the company 20 billion and the CEO his job. Risk management failures forced the JohnsManville company into Chapter 11 bankruptcy for 5 years. We will answer these and other realworld questions with tools of risk assessment and management. You will learn the good and bad points of using fault and event trees, statistical problem formulation, probabilistic risk analysis, human health risk tools, and risk communication as inputs for corporate strategy and resource allocation. We will discuss how to quantify, analyze, and manage physical risks that may be essential to your business. We will learn how companies deal with or deny the inevitable risks that accompany any business. The course contains four modules 1 Definition of catastrophic risk 2 Examples of companythreatening risks 3 Decision models for physical risk management and 4 Case studies. You will come out of this course with the skills to understand and manage catastrophic physical risks skills that are increasingly valuable to companies worldwide.
Prerequisites: none listed
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