Engineering Risk-Benefit Analysis
MIT's ESD.72 covers three core methodologies for evaluating risk in large engineering systems: reliability and probabilistic risk assessment, decision analysis, and cost-benefit analysis. Case material draws on nuclear power reactors, the International Space Station, and critical infrastructure, alongside new product development, process design with environmental externalities, and infrastructure renewal projects. The course, offered through MIT's Engineering Systems Division with cross-listing from Civil and Environmental Engineering, Mechanical Engineering, Nuclear Science and Engineering, and other departments, provides lecture notes, assignments, and readings via MIT OpenCourseWare. It is aimed at students who need to quantify uncertainty and weigh tradeoffs in complex engineering decisions, combining probabilistic modeling with structured decision frameworks. Materials are free to access under MIT OCW's open license, with no certificate offered.