1. In engineering risk management was described as a program management process and one that, at its best, is indistinguishable from program management.
(a) Discuss how one might institute protocols to ensure risk management and program management are inseparable disciplines in the design and engineering of systems.
(b) What leadership qualities are needed in the management environment to accomplish (a) above?
2. The aim of engineering risk management was described as the early and continuous identi?cation, management, and resolution of risks such that the engineering of a system is accomplished within cost, delivered on time, and meets user needs. Discuss protocols needed on anengineering system project to ensure early and continuous identi?cation of risks throughout a project's life cycle.
3. State the interpretation of probability implied by the following:
(a) The probability a tail appears on the toss of a fair coin is 1/2.
(b) After recording the outcomes of 50 tosses of a fair coin, the probability a tail appears is 0.54.
(c) It is with certainty the coin is fair.
(d) The probability is 60% that the stock market will close 500 points above yesterday's closing count.
(e) The design team believes there is less than a 5% chance the new microchip will require more than 12,000 gates.
4. A sack contains 20 marbles exactly alike in size but different in color. Suppose the sack contains 5 blue marbles, 3 green marbles, 7 red marbles, 2 yellow marbles, and 3 black marbles. Picking a single marble from the sack and then replacing it, what is the probability of choosing the following:
(a) Blue marble? (b) Green marble? (c) Red marble? (d) Yellow marble? (e) Black marble? (f) Non-bluemarble (g) Red or non-red marble?
5. Review and give examples of a nominal scale, an ordinal scale, a cardinal interval scale, a cardinal ratio scale.
6. If a utility function U(x) is monotonically decreasing (i.e., less is better) such that U(xmin) = 1 and U(xmax) = 0 show that the expected utility is equal to the probability p that xmin occurs.