Handbook

The course reviews key concepts of statistics and looks at a number of data sources used to analyse risks in various disciplines. Applications such as forecasting, modelling extreme events and dependencies are illustrated through their implementation in a number of practical problems. These are aimed at making students aware of the power of statistics in quantitative risk analysis, and its areas of applicability. Traditional risk measures and models routinely used to analyse financial, insurance, environmental, health and safety, engineering reliability and security risks data are reviewed. Emphasis is placed on the use of these tools in practical applications, which is achieved through the presentation of real-life examples. Simulation is discussed as a tool to analyse risks in complex systems, where data is not available.