Engineering Risk Quantification and Simulation
Tutor-Led Class @ NGN250,000.00 per Participant
Online @ NGN230,000.00 per Participant
On-Site available on formal request
Venue: Workproskills Training Centres
Dates: Lagos (Aug. 10 - 14, 2026), Abuja (Aug. 24 - 28, 2026), Port Harcourt (Aug. 17 - 21, 2026), Ota (Sep. 7 - 11, 2026)
Time: 0900Hr - 1600Hr Daily
Course Overview
This intensive 5-day training course provides engineers and analysts with the quantitative tools to assess and simulate risk in engineering systems. Participants will explore probabilistic modeling, Monte Carlo simulation, and decision analysis techniques to support risk-informed decision-making.
The course emphasizes uncertainty quantification, statistical analysis, and the use of simulation software. Through hands-on exercises and case studies, attendees will learn how to model complex systems, evaluate risk exposure, and optimize engineering decisions under uncertainty.
Learning Objectives
- Understand the principles of engineering risk quantification
- Apply probabilistic models to assess uncertainty
- Use Monte Carlo simulation for risk analysis
- Interpret statistical outputs and confidence intervals
- Develop risk models using real-world data
- Support engineering decisions with quantitative insights
Who Should Attend
- Engineers and technical analysts
- Risk and reliability professionals
- Project managers and planners
- Data scientists and modelers
- Decision-makers in engineering and infrastructure sectors
Course Outline
Day 1 – Foundations of Risk Quantification
- Risk vs. uncertainty in engineering
- Probability theory and distributions
- Data collection and statistical analysis
- Introduction to risk modeling tools
Day 2 – Probabilistic Risk Assessment
- Event trees and fault trees
- Failure probability estimation
- Bayesian networks and inference
- Risk aggregation and correlation
Day 3 – Monte Carlo Simulation
- Simulation principles and setup
- Random variable generation and sampling
- Running simulations and interpreting results
- Software tools and spreadsheet modeling
Day 4 – Decision Analysis and Optimization
- Decision trees and utility theory
- Cost-benefit and sensitivity analysis
- Multi-criteria decision-making
- Risk-informed decision frameworks
Day 5 – Simulation in Practice
- Case studies from energy and infrastructure projects
- Group simulation: risk model development
- Capstone presentations and peer review
- Action planning for simulation integration
Course Details
Duration: 5 days
Time: 9:00 AM - 4:00 PM daily
Venue: Workproskills Training Centres (Lagos, Abuja, Port Harcourt, Ota) + Virtual option
Fees & Inclusions
NGN250,000 per participant. Includes training materials, refreshments, certificate, and access to post-course resources.
Certification
Certificate of Completion in Engineering Risk Quantification and Simulation issued by Workproskills Consult.