A prominent scholar once noted that lotteries in politics and society-to break vote ties, assign students to schools, draft people into the military, select juries-are "at first thought absurd, and at second thought obvious." Lotteries have been part of politics since the Greek and Roman times, and they are used frequently in American politics today. When there is a two-to-two vote tie for prospective school board members, officials will often resort to flipping a coin (as happened recently in California). And in military drafts, the conventional wisdom is that random selection is far more just than non-lottery drafts. Northerners rioted against the perceived injustice of the non-random draft during the Civil War, and Americans by and large believed that student deferments subverted the justice of the draft during the Vietnam War. Over the years, people who study and practice politics have devoted considerable effort to thinking about the legitimacy of lotteries and whether they are just or not under certain circumstances. Yet they have really only focused on lotteries on a case-by-case basis, and no one has ever developed a substantial and comprehensive political theory of lotteries. In The Luck of the Draw, Peter Stone does just that. Examining the wide range of arguments for and against lotteries, Stone comes to the startling conclusion that lotteries have only one crucial effect relevant to decision-making: they have the "sanitizing effect" of preventing decisions from being made on the basis of reasons. Stone readily admits that this rationale might sound absurd to us, but contends that in many instances it is vital for people to make decisions without any reasoned rationale to compel them. Sometimes, justice can only be carried out through random selection-a fundamental principle of the practice of lottery that Stone comes to call "The Just Lottery Rule." By developing innovative ways for interpreting this pervasive form of political practice, Stone provides us with a foundation for understanding how to best make use of lottery when making political decisions both large and small.

Explores SMS as it is implemented in aviation based on examples from several countries and regions, namely the UK, USA, and Australia. Presents a socio-historical analysis of how SMSs emerged in high-risk industries. Provides insights to explain the existing limitations of SMS. Proposes new avenues to reach beyond the limitations of SMS. Discusses the COVID-19 pandemic within the framework of risk analysis.

Intangible, invisible and worth trillions, risk is everywhere. Its quantification and management are key to the success and failure of individuals, businesses and governments. Whether you're an interested observer or pursuing a career in risk, this book delves into the complex and multi-faceted work that actuaries undertake to quantify, manage and commodify risk-supporting our society and servicing a range of multi-billion-dollar industries. Starting at the most basic level, this book introduces key concepts in actuarial science, insurance and pensions. Through case studies, explanations and mathematical examples, it fosters an understanding of current industry practice. This book celebrates the long history of actuarial science and poses the problems facing actuaries in the future, exploring complex global risks including climate change, aging populations, healthcare models and pandemic epidemiology from an actuarial perspective. It gives practical advice for new and potential actuaries on how to identify an area of work to go into, how best to navigate (and pass!) actuarial exams and how to develop your skills post-qualification. A Risky Business illuminates how actuaries are central to society as we know it, revealing what they do and how they do it. It is the essential primer on actuarial science.

The quality of our lives is determined by the quality of our thinking. The quality of our thinking, in turn, is determined by the quality of our questions, for questions are the engine, the driving force behind thinking. Without questions, we have nothing to think about. Without essential questions, we often fail to focus our thinking on the significant and substantive. When we ask essential questions, we deal with what is necessary, relevant, and indispensable to a matter at hand. We recognize what is at the heart of the matter. Our thinking is grounded and disciplined. We are ready to learn. We are intellectually able to find our way about. To be successful in life, one needs to ask essential questions: essential questions when reading, writing, and speaking; when shopping, working, and parenting; when forming friendships, choosing life-partners, and interacting with the mass media and the Internet. Yet few people are masters of the art of asking essential questions. Most have never thought about why some questions are crucial and others peripheral. Essential questions are rarely studied in school. They are rarely modeled at home. Most people question according to their psychological associations. Their questions are haphazard and scattered. The ideas we provide are useful only to the extent that they are employed daily to ask essential questions. Practice in asking essential questions eventually leads to the habit of asking essential questions. But we can never practice asking essential questions if we have no conception of them. This mini-guide is a starting place for understanding concepts that, when applied, lead to essential questions. We introduce essential questions as indispensable intellectual tools. We focus on principles essential to formulating, analyzing, assessing, and settling primary questions. You will notice that our categories of question types are not exclusive. There is a great deal of overlap

This book presents a consistent methodology for making decisions under uncertain conditions, as is almost always the case. Tools such as value of information and value of flexibility are explored as a means to make more complex and nuanced decisions. The book develops the complete formalism for assessing the value of acquiring information with two novel approaches. Firstly, it integrates the fuzzy characteristics of data, and secondly develops a methodology for assessing data acquisition actions that optimize the value of projects from a holistic perspective. The book also discusses the formalism for including flexibility in the project decision assessment. Practical examples of oil- and gas-related decision problems are included and discussed to facilitate the learning process. This book provides valuable advice and case studies applicable to engineers, researchers, and graduate students, particularly in the oil and gas industry and pharmaceutic industry.

Richard Pettigrew offers an extended investigation into a particular way of justifying the rational principles that govern our credences (or degrees of belief). The main principles that he justifies are the central tenets of Bayesian epistemology, though many other related principles are discussed along the way. These are: Probabilism, the claims that credences should obey the laws of probability; the Principal Principle, which says how credences in hypotheses about the objective chances should relate to credences in other propositions; the Principle of Indifference, which says that, in the absence of evidence, we should distribute our credences equally over all possibilities we entertain; and Conditionalization, the Bayesian account of how we should plan to respond when we receive new evidence. Ultimately, then, this book is a study in the foundations of Bayesianism. To justify these principles, Pettigrew looks to decision theory. He treats an agent's credences as if they were a choice she makes between different options, gives an account of the purely epistemic utility enjoyed by different sets of credences, and then appeals to the principles of decision theory to show that, when epistemic utility is measured in this way, the credences that violate the principles listed above are ruled out as irrational. The account of epistemic utility set out here is the veritist's: the sole fundamental source of epistemic utility for credences is their accuracy. Thus, Pettigrew conducts an investigation in the version of epistemic utility theory known as accuracy-first epistemology. The book can also be read as an extended reply on behalf of the veritist to the evidentialist's objection that veritism cannot account for certain evidential principles of credal rationality, such as the Principal Principle, the Principle of Indifference, and Conditionalization.

This book is about risk conceptions, experiences and reflections. It applies the concept of the risk triangle, with its societal, organisational and personal angles, to two areas of inquiry: financial markets and the military, seeking to demonstrate the challenges, dilemmas and, in many ways, also the impossibilities of risk analysis and risk management. Drawing on empirical and micro- and macro-level analysis, this innovative work will appeal to students of political science, economics and business as well as to risk professionals and risk-takers.

Residential Exposure Assessment: A Source Book is the result of a multiyear effort known as the Residential Exposure Assessment Project (REAP) which was initiated by the Society for Risk Analysis and the International Society of Exposure Analysis. This textbook is the primary product of the REAP and it contains contributions from over 30 professionals from a variety of disciplines such as chemistry, biology, physics, engi neering, industrial hygiene, toxicology, pharmacology, and environmental law, reflecting the diverse knowledge and resources necessary to assess and manage potential exposures occurring in and around the home. Expert working groups were organized for each of the 13 chapters to address such issues as U. S. legislation relevant to products used in and around the residence, methods for measuring and modeling exposures across multiple pathways and routes, and distributional data available for key residential exposure factors. This volume is a compendium of information about predictive methods and tools, monitoring methods, data sources, and key variables that characterize exposures in the residential setting. It presents approaches for doing exposure assessments in and around all types of residences. The purpose of the Source Book is to provide a resource for use in educational programs and for "practitioners" of residential exposure assessment. Accordingly, this book is intended for risk assessors, exposure assessors, students, initi ates new to the concept of risk assessment, industrial hygienists assessing health hazards in the home, engineers, and monitoring specialists."

This book provides an overview of the latest developments in the field of risk analysis (RA). Statistical methodologies have long-since been employed as crucial decision support tools in RA. Thus, in the context of this new century, characterized by a variety of daily risks - from security to health risks - the importance of exploring theoretical and applied issues connecting RA and statistical modeling (SM) is self-evident. In addition to discussing the latest methodological advances in these areas, the book explores applications in a broad range of settings, such as medicine, biology, insurance, pharmacology and agriculture, while also fostering applications in newly emerging areas. This book is intended for graduate students as well as quantitative researchers in the area of RA.

Despite the growing interest in security amongst governments, organizations and the general public, the provision of much security is substandard. This book explores the problems facing security, and sets out innovative proposals to enhance the effectiveness of security in society, at national and organizational levels.

This volume offers new, convincing empirical evidence on topical risk- and risk management-related issues in diverse settings, using an interdisciplinary approach. The authors advance compelling arguments, firmly anchored to well-accepted theoretical frameworks, while adopting either qualitative or quantitative research methodologies. The book presents interviews and surveys with risk managers to gather insights on risk management and risk disclosure in practice. Additionally, the book collects and analyzes information contained in public reports to capture risk disclosure and perceptions on risk management impacts on companies' internal organization. It sheds light on financial and market values to understand the effect of risk management on actual and perceived firm's performance, respectively. Further, it examines the impacts of risk and risk management on society and the economy. The book improves awareness and advances knowledge on the complex and changeable risk and risk management fields of study. It interweaves among topical, up-to-date issues, peculiar, under-investigated contexts, and differentiated, complementary viewpoints on the same themes. Therefore, the book is a must-read for scholars and researchers, as well as practitioners and policy makers, interested in a better understanding of risk and risk management studies in different fields.

In the decades following World War II, the science of decision-making moved from the periphery to the center of transatlantic thought. The Decisionist Imagination explores how "decisionism" emerged from its origins in prewar political theory to become an object of intense social scientific inquiry in the new intellectual and institutional landscapes of the postwar era. By bringing together scholars from a wide variety of disciplines, this volume illuminates how theories of decision shaped numerous techno-scientific aspects of modern governance-helping to explain, in short, how we arrived at where we are today.

This book is a joint endeavour of the three partner universities to develop a book with in-depth and state-of-art analysis for the academic community of East Asia and the world. Past disasters, like the 2008 Great Sichuan Earthquake in China and the 2011 Great East Japan Earthquake, saw good efforts of East Asian countries in helping each other. Such a trend has been further strengthened in these countries' recent cooperation and mutual support in their fight against Covid-19 pandemic. While China, Japan, and South Korea are geographically and culturally contiguous and hence may share some characteristics in their risk management principles and practices, there may also be many significant differences due to their different socioeconomic and political systems. The commonalities and variances in East Asia risk management systems are also reflected by their recent responses to the Covid-19 challenges. While all three countries demonstrated overall success in controlling the epidemic, the measures taken by them were different. This research will be of interest to policymakers, scholars and economists.

Provides an insight to safety managers in analyzing bad events and the ways to deal with them. Covers randomness, uncertainty, and predictability in detail. Explains concepts including reverse stress testing, real-time monitoring, and predictive maintenance in a comprehensive manner. Presents mathematical analysis of incidents and accidents using statistics and probabilities theories.

Wallowing in Mediocrity: Or Rising Above the Dismal State of Education provides a comprehensive comparative look at educational programs in several key countries across the globe. The myriad advantages of these countries' programs are counterpoised to the many fault lines in education as practiced in the United States. To offset these problematic areas, this book takes a critical look at how the United States could rectify the many problems associated with its system of education, especially concerning inefficient and unsustainable practices at the secondary and postsecondary levels. Examples include the lack of universally-accepted parameters for admission to most schools of higher education; the lack of exit exams from both secondary and post-secondary schools; the illogical repetition of propaedeutic courses the first two years at the university; the misdirection of community colleges, forcing them to make up for the shortfall of too many students not prepared for acceptance to a 4 year university; the shenanigans associated with for-profit schools, which, for the most part, prey on veterans and those seeking a better job through education; and the almost preposterous system in place for students to finance their education. Most of these shortcomings concerning the American educational system are not part and parcel of systems across the globe. For one, the Bologna Process unified degrees among participants, providing a logical means for member states to collaborate and, most important, to provide students the opportunity to transfer from one institution to another without penalty. Several countries do not charge any tuition whatsoever; others have established a fair and logical means for repayment.

In the next wave of conduct regulation in financial markets, from 2021 conduct regulators in the UK and elsewhere expect firms to produce evidence on how they are improving behaviour and culture. Facing this, many practitioners are anxious that their current reporting and management information (MI) are irrelevant to meeting as-yet unclear regulatory expectations. This book provides the insights and tools firms need to report on culture, securing both enhanced business value and the regulator's approval. Culture is now seen as a key contributor to good governance, feeding into existing discourse on environmental, social and governance (ESG) factors and the emerging dialogue on 'non-financial (mis)conduct', but conventional measures of business quality are unfit for the new reporting agenda. Culture Audit in Financial Services follows the arc of 'behavioural regulation' to examine what the regulator really wants, before offering guidance on how culture audit differs from conventional auditing, how to put the latest pure-research findings to work, and the key features of well-designed conduct and culture reports. Written by an impartial author and a variety of contributors with extensive experience working with practitioners, regulators, and many of the world's finest academic initiatives, this book is filled with practical, grounded advice on how best to approach this new challenge and avoid infractions.

The Principal's Hot Seat: Observing Real-World Dilemmas, 2nd edition provides a window through which aspiring and practicing school leaders observe and evaluate some of the most challenging, authentic, and unpredictable interactions common to the principalship. With video footage from an unscripted role play in which teachers, parents, and stakeholders share a variety of issues and emotions with the principal, the Hot Seat challenges readers to unpack the ways principals attempt to address routine and unpredictable challenges in school leadership. From distraught, pushy, or irate parents to teachers refusing to collaborate, curriculum controversies and cultural responsivity, readers assume the "hot seat" and feel the challenge principals face in navigating conversations and issues in ethical, individual, standards-based ways. Each chapter begins with stage setting and scenario background information, along with relevant literature, research, and resources, followed by a transcript of the interaction, and questions promoting discussion, reflection, and constructive critique. Each scenario comes alive through several minutes of video footage of the unscripted interaction, allowing examination of body language, tone of voice, and non-verbal communication. The second edition adds new scenarios related to teacher collaboration, controversial curriculum, current social issues, updated literature and resources, and cases in which the principal must interact with more than one stakeholder at a time. New questions examine principals' performance related to equity, when to seek assistance from others, and more.

This book illustrates how to access the right information for making the best decisions during turbulent times. It is written from an experienced-based perspective that is beneficial for those looking for the development and improvement of the decision-making process. The approach is centered on the author's experience in developing and implementing effective and efficient approaches to decision-making in business and government. Based on those experiences, this book provides insights into how to improve the decision making process of your organization, whether it be large or small. For decision makers and those providing market information for making decisions, this book provide guidelines for a framework which includes systems thinking. For those interested in change management and corporate governance, the book presents examples where it was done well and some examples where it was not and the ensuring consequences. Praise for Systems Thinking Decision-Making Process... "This is an absolutely incredible book by a distinguished practitioner. The range of knowledge and experience that Vince Barabba has had is astounding. I urge everyone who is interested in complex, messy problems to read this amazing book." --Ian I. Mitroff "...Vince has masterfully blended the art of organizational respect with the science of data inquiry to drive change and realize strategic vision. A master storyteller, he does not just teach, his book brings his learnings to life in a meaningful way that if carefully listened to, can change the course of a career." -- Paul D'Alessandro Principal, Health Industries, PwC US "In his latest book, Vince Barabba integrates his vast knowledge from 50 years of dedicated work in both the public and private sectors in order to provide leaders with an actionable framework for radically improving how their organizations collect and use information to make the best decisions for all the wicked messes that now appear in our global village... This book can save your company from living in the dark with false assumptions about all your key stakeholders." -- Ralph H. Kilmann, Ph.D. CEO, Kilmann Diagnostics Co-Author, The Thomas-Kilmann Conflict Mode Instrument (TKI) "Absorbing just a few of the many smart ideas in this book will make you a better leader and decision maker. Thinking systemically about how the hard-earned lessons from Vince Barabba's brilliant career apply to your enterprise could make you a great one." - Chunka Mui Co-Author, A Brief History of a Perfect Future and Billion Dollar Lessons "...if you are interested in 'thinking in systems,' this book is for you. The 'On Star' story demonstrates to you how the initial product-centered thinking was proselytized to 'thinking in systems'." -- John Pourdehnad Visiting Professor, IESE Business School and Faulty of Systems Leadership, Thomas Jefferson University "In writing Systems Thinking Decision-Making Process: How to Avoid Burnt Toast, Vince Barabba is addressing the limits of knowledge management systems which enable 'organizations as usual' to share best practices on how to scrape toast faster and cheaper... The examples shared by Vince, from his first-hand experiences in corporate America or his services as a marketing consultant, contribute invaluable clarity to his goal of providing a "sketch of an Inquiry Center Learning and Support System" for those with the ambition to lead efforts to work smarter, not harder, firmly against the grain of 'organizations as usual'..." -- Bill Bellows, Ph.D., President, InThinking Services Adjunct Professor, California State University, Northridge and Southern Utah University Advisory Council Member and Former Deputy Director, The W. Edwards Deming Institute (R) "In his 'last book', Vince weaves the experiences and learning of a lifetime into whole cloth of insight and wisdom. He helps us to find relevant information from a rapidly changing world and apply it to making good decisions. This is a masterpiece of knowledge presented in a very entertaining way." -- Carl Spetzler Chairman, Strategic Decisions Group International LLC "This is a truly inspiring and mind changing book directly relevant for our times... Vince has shown through his remarkable work that business and government are a force for good when leaders think long term, work with, not against nature, and use their influence and resources for the many, not the few..." -- Osvald Bjelland Founder and President, Xynteo Founder, The Performance Theatre Foundation