Using your individual project from your previous course 1611 (Please use the attached word document and excel sheet for this information) identify a critical decision opportunity within your system and conduct a formalized decision analysis process to effectively mitigate risk.
Please use the document 1611.project and 1611.project excel sheet to identify a critical decision opportunity within your system and conduct a formalized decision analysis process to effectively mitigate risk.
I have uploaded numerous files, and examples. Please if you have any questions just ask.
Please look at the file “details for preparing the project paper”, “steps for the project paper”, the examples. I have also uploaded the Frank text on decision analysis
[For example, consider a risk identified in your 1611 project and decide among some risk mitigation options using the technique described below by Frank.]
The decision analysis process must incorporate these seven steps from Frank:
(1) identifying a decision opportunity
(2) creating a problem statement
(3) stating the objective and attributes
(4) creating the alternatives
(5) developing a decision model
(6) developing a value model
(7) synthesizing decision and value models to rank alternatives.
The Seven Steps of Decision Analysis (See “Decision Analysis from Frank Text” and related project guidance documents in Learning Module 6) above must be followed.
You may additionally use other risk assessment tools learned in this course to support your decision (hazard analysis mitigations, event trees, decision trees, fault trees, probabilistic risk analysis, etc.).
Requirements: Each project submission will entail a minimum 10 pages (double-spaced) written report, excluding references, and attached figures, tables and diagrams.
Refer to the course schedule for specific deadlines for completion. Papers should follow the APA format guidelines for citations and sources (https://owl.english.purdue.edu/owl/resource/560/01/
Grades will be based on technical content, grammatical accuracy and general adherence to the APA standardized format. The paper must follow Frank’s seven steps above. Fault Tree Analysis software packages, if needed, are identified herein and students are encouraged to select one early and experiment so that the analysis can be accomplished during the proscribed time frame.
Complete the entire assignment; do not forget to “answer the mail.” The paper is an analysis or an analysis report and must be focused on the decision process. The paper is not a philosophical discussion or thesis putting forth ideas for consideration, so do not write in first person and do avoid colloquial or conversational language styles.
Cite the Frank Text as follows:
Frank, Michael V. Choosing Safety: A Guide to Using Probabilistic Risk Assessment and Decision Analysis in Complex, High-Consequence Systems. Resources for the Future Press. 2008.
One source for the Pugh Matrix is:
Burge, Dr. Stuart. http://www.burgehugheswalsh.co.uk/uploaded/documents/Pugh-Matrix-v1.1.pdf.” 2009. The System Engineering Toolbox. 2015
