Catastrophic Risk Analysis

Carnegie Mellon University

United States of America, Pittsburgh

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Carnegie Mellon University

United States of America , Pittsburgh

Key Facts

Program Level

Master by Course Work

Study Type

Full Time

Delivery

On Campus

Application Fee

USD 75

Campuses

Main Site

Program Language

English

Start & Deadlines

Next Intake Deadlines22-Aug-2022

Apply to this program

Go to the official application for the university

Duration 2 year(s)

Tuition Fee

USD 50,320 / year

Next Intake 22-Aug-2022

Catastrophic Risk Analysis

About

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 Johns-Manville company into Chapter 11 bankruptcy for 5 years. We will answer these and other real-world 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 company-threatening 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. Some of the questions we will examine in cases include the following. Did Toyota's secretive culture lead them to ignore risks that lit up the blogosphere and caused a 7 million vehicle recall? Was a billion dollar explosion a software failure, or a systems engineering failure? Should Saccharin have been removed from the market after tests showed it causes bladder cancer? How did Union Carbide kill 14,000 people, and nearly repeat the disaster half a world away? How did a cost-benefit analysis lead to "the most reprehensible decision in the history of American engineering" and an indictment for reckless homicide? How did China turn around its dismal airline safety record? (1/12)

Requirements

Entry Requirements

GPA

3.41 Average

3.43 Median

3.03-3.76

Middle 80%

English Program Requirements

Candidates are required to demonstrate a level of competence in English to meet the admissions requirements of the university. You are required to take a TOEFL, IELTS, or Duolingo exam unless:

You attended an undergraduate institution, earning a bachelor’s degree, where the sole language of instruction was English.
You earned a graduate degree where the sole language of instruction was English. (Although not required, we do recommend that you take the English Language Proficiency exam.)

You must request that the official score be sent from the testing agency to our program for us to verify the score entered into the application. Request that the official score be sent to us using the following codes:

TOEFL Program Code: Institutional Code = 2074; Departmental Code = 02
- Pro Tip: The recommended TOEFL score is 25 on each section of the Internet-based test. The minimum TOEFL scores required to apply for admission are: Reading: 20, Listening: 20, Speaking: 20, Writing: 20
IELTS Program Code: Select Carnegie Mellon and the Tepper School of Business
- Pro Tip: The recommended IELTS score is 7 overall and 7 in each band. The minimum IELTS scores required to apply for admission are: Listening: 7, Reading: 7, Writing: 7, Speaking: 7, Overall Band: 7
Duolingo Program Code: Select Carnegie Mellon University – Tepper School of Business
- Pro Tip: The recommended Duolingo English Test (DET) score is 120 overall

Pro Tip: TOEFL and IELTS scores are valid for two years and must be valid at the time you submit your application.

Pro Tip: If you earned a degree from a non-U.S. institution, your academic documents should state that the sole language of instruction for the entire university was English in order to be eligible for a TOEFL/IELTS/Duolingo waiver. If your academic documents don’t include this, you should upload an official letter from the University Registrar indicating English as the mode of instruction for the entirety of the degree.