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Risk analysis is not a narrowly defined set of applications. Rather, it is widely used to assess and manage a plethora of hazards that threaten dire implications. However, too few people actually understand what risk analysis can help us accomplish and, even among experts, knowledge is often limited to one or two applications. Explaining Risk Analysis frames risk analysis as a holistic planning process aimed at making better risk-informed decisions and emphasizing the connections between the parts. This framework requires an understanding of basic terms, including explanations of why there is no universal agreement about what risk means, much less risk assessment, risk management and risk analysis. Drawing on a wide range of case studies, the book illustrates the ways in which risk analysis can help lead to better decisions in a variety of scenarios, including the destruction of chemical weapons, management of nuclear waste and the response to passenger rail threats. The book demonstrates how the risk analysis process and the data, models and processes used in risk analysis will clarify, rather than obfuscate, decision-makers’ options. This book will be of great interest to students and scholars of risk assessment, risk management, public health, environmental science, environmental economics and environmental psychology.
Risk analysis is not a narrowly defined set of applications. Rather, it is widely used to assess and manage a plethora of hazards that threaten dire implications. However, too few people actually understand what risk analysis can help us accomplish and, even among experts, knowledge is often limited to one or two applications. Explaining Risk Analysis frames risk analysis as a holistic planning process aimed at making better risk-informed decisions and emphasizing the connections between the parts. This framework requires an understanding of basic terms, including explanations of why there is no universal agreement about what risk means, much less risk assessment, risk management and risk analysis. Drawing on a wide range of case studies, the book illustrates the ways in which risk analysis can help lead to better decisions in a variety of scenarios, including the destruction of chemical weapons, management of nuclear waste and the response to passenger rail threats. The book demonstrates how the risk analysis process and the data, models and processes used in risk analysis will clarify, rather than obfuscate, decision-makers’ options. This book will be of great interest to students and scholars of risk assessment, risk management, public health, environmental science, environmental economics and environmental psychology.
This book provides a comprehensive demonstration of risk analysis as a distinct science covering risk understanding, assessment, perception, communication, management, governance and policy. It presents and discusses the key pillars of this science, and provides guidance on how to conduct high-quality risk analysis. The Science of Risk Analysis seeks to strengthen risk analysis as a field and science by summarizing and extending current work on the topic. It presents the foundation for a distinct risk field and science based on recent research, and explains the difference between applied risk analysis (to provide risk knowledge and tackle risk problems in relation to for example medicine, engineering, business or climate change) and generic risk analysis (on concepts, theories, frameworks, approaches, principles, methods and models to understand, assess, characterise, communicate, manage and govern risk). The book clarifies and describes key risk science concepts, and builds on recent foundational work conducted by the Society for Risk Analysis in order to provide new perspectives on science and risk analysis. The topics covered are accompanied by cases and examples relating to current issues throughout. This book is essential reading for risk analysis professionals, scientists, students and practitioners, and will also be of interest to scientists and practitioners from other fields who apply risk analysis in their work.
Risk science is becoming increasingly important as businesses, policymakers and public sector leaders are tasked with decision-making and investment using varying levels of knowledge and information. Risk Science: An Introduction explores the theory and practice of risk science, providing concepts and tools for understanding and acting under conditions of uncertainty. The chapters in this work cover the fundamental concepts, principles, approaches, methods and models for how to understand, assess, communicate, manage and govern risk. These topics are presented and examined in a way which details how they relate, for example, how to characterize and communicate risk with particular emphasis on reflecting uncertainties; how to distinguish risk perception and professional risk judgments; how to assess risk and guide decision-makers, especially for cases involving large uncertainties and value differences; and how to integrate risk assessment with resilience-based strategies. The text provides a variety of examples and case studies that relate to highly visible and relevant issues facing risk academics, practitioners and non-risk leaders who must make risk-related decisions. Presenting both the foundational and most recent advancements in the subject matter, this work particularly suits students of risk science courses at college and university level. The book also provides broader key reading for students and scholars in other domains, including business, engineering and public health.
Effective risk management is essential for the success of large projects built and operated by the Department of Energy (DOE), particularly for the one-of-a-kind projects that characterize much of its mission. To enhance DOE's risk management efforts, the department asked the NRC to prepare a summary of the most effective practices used by leading owner organizations. The study's primary objective was to provide DOE project managers with a basic understanding of both the project owner's risk management role and effective oversight of those risk management activities delegated to contractors.
The objective of Risk Analysis in Theory and Practice is to present this analytical framework and to illustrate how it can be used in the investigation of economic decisions under risk. In a sense, the economics of risk is a difficult subject: it involves understanding human decisions in the absence of perfect information. How do we make decisions when we do not know some of events affecting us? The complexities of our uncertain world and of how humans obtain and process information make this difficult. In spite of these difficulties, much progress has been made. First, probability theory is the corner stone of risk assessment. This allows us to measure risk in a fashion that can be communicated among decision makers or researchers. Second, risk preferences are now better understood. This provides useful insights into the economic rationality of decision making under uncertainty. Third, over the last decades, good insights have been developed about the value of information. This helps better understand the role of information in human decision making and this book provides a systematic treatment of these issues in the context of both private and public decisions under uncertainty. Balanced treatment of conceptual models and applied analysis Considers both private and public decisions under uncertainty Website presents application exercises in Excel
This book will run you through the ambit of just what risk management is. It will show you how you can apply it to your business. It will discuss the principles of risk management, and the processes involved, and also give you an idea of the application of these processes to a couple of businesses. The rules of risk management are mostly universal, and by tweaking them slightly, you can apply them to any enterprise. You will be armed with the essential tools to devise a risk management strategy that will, in effect, maximize the potential of your business to realize opportunities. This is, after all, the ultimate purpose of risk management!
Based on the author's 20 years of teaching, Risk Analysis in Engineering: Techniques, Tools, and Trends presents an engineering approach to probabilistic risk analysis (PRA). It emphasizes methods for comprehensive PRA studies, including techniques for risk management. The author assumes little or no prior knowledge of risk analysis on the p
This book bridges the gap between the many different disciplines used in applications of risk analysis to real world problems. Contributed by some of the world's leading experts, it creates a common information base and language for all risk analysis practitioners, risk managers, and decision makers. Valuable as both a reference for practitioners and a comprehensive textbook for students, Fundamentals of Risk Analysis and Risk Management is a unique contribution to the field. Its broad coverage ranges from basic theory of risk analysis to practical applications, risk perception, legal and political issues, and risk management.
Risk Analysis concerns itself with the quantification of risk, the modeling of identified risks and how to make decisions from those models. Quantitative risk analysis (QRA) using Monte Carlo simulation offers a powerful and precise method for dealing with the uncertainty and variability of a problem. By providing the building blocks the author guides the reader through the necessary steps to produce an accurate risk analysis model and offers general and specific techniques to cope with most modeling problems. A wide range of solved problems is used to illustrate these techniques and how they can be used together to solve otherwise complex problems.