Quiz-1-Fall 2023 Solution
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Rice University *
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Industrial Engineering
Date
Jan 9, 2024
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2
Uploaded by BillieEilishPirate
Quiz – 1 (Sept. 11, 2023)
You have 20 minutes to complete this quiz. Once started you have to finish it at one go.
Have a calculator ready.
Answers must be submitted on CANVAS Textbox; File upload option is NOT available.
You may use your notes, lecture slides, and HWs.
Remember the Aggie Code of Honor:
“An Aggie does not lie, cheat or steal or tolerate those
who do.”
Flag question: Question 1
Question 1
5 pts
A city planner fears that in the event of a railroad accident within the city, hazardous
chemicals may be released from the rail carts and kill people and damage property. He is
assessing the monetary risk of relocating the railroad to bypass the city. He develops the
decision tree shown below where the various consequences of a release given decision
to relocate or not relocate are shown. Also shown are the probabilities of release in each
case.
a)
Determine the EMV for decisions A and B. (3 points)
EMV of A = 0.8*(-5)+0.2*(-1)= - $4.2M
EMV of B= 0.5*-10 + 0 = - $5M
b) Based on the values of A and B, should he decide to relocate or not? (2 points)
He will incur greater consequence (loss) if he decides not to relocate. So, he should relocate.
Flag question: Question 2
Question 2
4 pts
a)
Briefly explain what do you understand by hazard and risk? (2 points)
Hazard: inherent potential to cause damage to people, equipment, environment, or to
what we value.
Risk: Measure of potential loss or gain with losses resulting from hazards in natural
events or human activities.
b)
How do you calculate risk? (1 point)
RISK = Frequency X Consequence
c)
What does a risk matrix table represent? (1 point)
Risk matrix table is a representation of scenario outcome risk values in two dimensions
with probability of failure occurrence along Y (or X) and consequence magnitudes or
severities along X (or Y).
Flag question: Question 3
Question 3
1 pts
Aggie Engineering company decides that their level of "acceptable risk" is
1x10
-6
fatalities per year. Any risk above this value will have to be reduced by addition
of another barrier. As a Safety engineer, you calculate the frequency of an incident in
your facility is one in a million years and that the consequence of such an incident is two
fatalities. 'The risk is acceptable' - is it true or false?
Group of answer choices
True
False
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