In a market place that is globally competitive, organisations are constantly faced with rapid and unpredictable change. In order to succeed in this fiercely competitive business environment, organisations need to be able to immediately respond to and cope with such changes. Risk analysis techniques provide organisations with Management Science tools that have been developed to model and assess risk. Risk management is used extensively in the petroleum industry, security fraud, disaster recovery, transportation, project management, environmental management, mining and quality control. Risk management is an essential subject offering for students planning to join the business sector when they graduate.Reason for Change:This is an existing unit. The School of Business Systems requests approval to change the subject title and pre-requisites for this unit.This document differs from the previous version in two aspects:

1. The unit title: The title of this unit was Risk Management Models for Business. It is now being called Risk Analysis Models for Business. This change was introduced to differentiate it from units offered through the Centre for Risk Management. At the time this subject was introduced in 1998, this centre was not in existence. There are now a number of units with Risk Management in the title where the focus is the management of risk. The new title better describes the content of this subject where the focus is the analysis of risk.
2. The Prerequisites: When this unit was introduced, it was assumed that students enrolling in it would be from the Masters of Business Systems degree and hence would have covered these pre-requisite areas. In recent semesters growing number of students from other degree programs have enrolled in this unit and found it difficult to cope with the content. Hence the need to state pre requisites.