Integrate methods for assessing risks.
Prepare a rubric for classifying risk.
Report results of risk analysis.
There are many methods for categorical prediction using principal components. In this Assignment, you will practice one of these — linear discriminant analysis, in R Studio. You will classify risk through the rubric of a risk matrix and then build a model to assess the risk. Once you have built a model, you will report and explain the results.
Much has been made of the deteriorating public infrastructure in the United States. Roads, bridges, sidewalks, etc. need repair all over the country. This Assignment will focus on bridges. Engineers with responsibility for bridges categorize them into one of four categories with respect to risk: Monitor, Schedule Assessment, Schedule Repair/Replacement, or Immediate Repair/Replacement. Monitor means that the bridge is in good condition and is not in danger of failing. Schedule Assessment means that the bridge is showing signs of risk and should be evaluated. Schedule Repair/Replacement means that the bridge has deterioration that presents risk to users. Immediate Repair/Replacement means that the bridge has deterioration that presents risk of failure. In a Word document, create a four-quadrant risk matrix rubric and label the quadrants High Risk/High Impact; High Risk/Low Impact; Low Risk/High Impact; Low Risk/Low Impact. Place each of the four bridge conditions into the quadrant that you believe is appropriate for that condition. You need not have something in each of the four quadrants – your task is to appropriately assess and classify risk based on bridge condition. For each of the four bridge conditions, within the quadrant you selected in the risk matrix, give an example of an issue that may arise if the risk condition is not addressed.
