We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
INTRODUCING RISK ANALYSIS AND CALCULATION OF PROFITABILITY UNDER UNCERTAINTY IN ENGINEERING DESIGN.
- Authors
KOSMOPOULOU, GEORGIA; FREEMAN, MARGARET; PAPAVASSILIOU, DIMITRIOS V.
- Abstract
This article focuses on how risk analysis can be used in measuring the eventuality of profit with regard to factors of uncertainty in engineering plans. It addresses the importance of risk analysis in relation to the study of engineering economics in Chemical Engineering (ChE) courses. It presents the idea of financial indefiniteness and how ChE students will learn how to integrate the concept into their studies. It also illustrates how Monte Carlo abstractions can be used to simulate risk quantification scenarios.
- Subjects
RISK assessment; PROFIT; ENGINEERING; PLANNING; ENGINEERING economy
- Publication
CEE: Chemical Engineering Education, 2011, Vol 45, Issue 3, p170
- ISSN
0009-2479
- Publication type
Article