Book description
We all face risks in a variety of ways, as individuals, businesses and
societies. The discipline of risk assessment and risk management is
growing rapidly and there is an enormous drive for the implementation of
risk assessment methods and risk management in organizations. There are
great expectations that these tools provide suitable frameworks for
obtaining high levels of performance and balance different concerns such
as safety and costs.
The analysis and management of risk are not straightforward. There
are many challenges. The risk discipline is young and there area a
number of ideas, perspectives and conceptions of risk out there. For
example many analysts and researchers consider it appropriate to base
their risk management policies on the use of expected values, which
basically means that potential losses are multiplied with their
associated consequences. However, the rationale for such a policy is questionable.
A number of such common conceptions of risk are examined in the book,
related to the risk concept, risk assessments, uncertainty analyses,
risk perception, the precautionary principle, risk management and
decision making under uncertainty. The Author discusses these
concepts, their strenghts and weaknesses, and concludes that they are
often better judged as misconceptions of risk than conceptions of risk.
Key Features:
- Discusses common conceptions of risk with supporting examples.
- Provides recommendations and guidance to risk analysis and risk management.
- Relevant for all types of applications, including engineering
and business.
- Presents the Author's overall conclusions on the issues
addressed throughout the book.
All those working with risk-related problems need to understand the
fundamental ideas and concepts of risk. Professionals in the field of
risk, as well as researchers and graduate sutdents will benefit from
this book. Policy makers and business people will also find this book
of interest.
