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Books > Reference & Interdisciplinary > Communication studies > Decision theory > Risk assessment
This highly original book aims to broaden the discussion about risk, the management of risk and regulation, especially in the financial industry. By using terms of the philosopher Jacques Derrida, Peter Pelzer employs philosophical concepts to enrich the understanding of what risk is about and what is necessarily excluded in contemporary risk management.
This book offers a multidisciplinary perspective on perceived safety. It discusses the concept of safety from engineering, philosophy, and psychology angles, and considers various definitions of safety and its relationship to risk. Examining the categorization of safety and the measurement of risk, risk cultures, basic human needs and decision-making under uncertainty, the contributions demonstrate the practical implications and applications in areas such as health behavior, aviation and sports. Topics covered include: What is "safety" and is there "optimal safety" in engineering? Philosophical perspectives on safety and risk Psychological perspectives on perceived safety: social factors of feeling safe Psychological perspectives on perceived safety: zero-risk bias, feelings & learned carelessness Perception of aviation safety Intended for both practitioners and academic researchers, this book appeals to anyone interested in decision-making and the perception and establishment of safety.
In every decision problem there are things we know and things we do not know. Risk analysis science uses the best available evidence to assess what we know while it is carefully intentional in the way it addresses the importance of the things we do not know in the evaluation of decision choices and decision outcomes. The field of risk analysis science continues to expand and grow and the second edition of Principles of Risk Analysis: Decision Making Under Uncertainty responds to this evolution with several significant changes. The language has been updated and expanded throughout the text and the book features several new areas of expansion including five new chapters. The book's simple and straightforward style-based on the author's decades of experience as a risk analyst, trainer, and educator-strips away the mysterious aura that often accompanies risk analysis. Features: Details the tasks of risk management, risk assessment, and risk communication in a straightforward, conceptual manner Provides sufficient detail to empower professionals in any discipline to become risk practitioners Expands the risk management emphasis with a new chapter to serve private industry and a growing public sector interest in the growing practice of enterprise risk management Describes dozens of quantitative and qualitative risk assessment tools in a new chapter Practical guidance and ideas for using risk science to improve decisions and their outcomes is found in a new chapter on decision making under uncertainty Practical methods for helping risk professionals to tell their risk story are the focus of a new chapter Features an expanded set of examples of the risk process that demonstrate the growing applications of risk analysis As before, this book continues to appeal to professionals who want to learn and apply risk science in their own professions as well as students preparing for professional careers. This book remains a discipline free guide to the principles of risk analysis that is accessible to all interested practitioners. Files used in the creation of this book and additional exercises as well as a free student version of Palisade Corporation's Decision Tools Suite software are available with the purchase of this book. A less detailed introduction to the risk analysis science tasks of risk management, risk assessment, and risk communication is found in Primer of Risk Analysis: Decision Making Under Uncertainty, Second Edition, ISBN: 978-1-138-31228-9.
Health and Safety: Risk Management is the clearest and most comprehensive book on risk management available today. This newly revised fifth edition takes into account new developments in legislation, standards and good practice. ISO 45001, the international health and safety management system standard, is given comprehensive treatment, and the latest ISO 9004 and ISO 19011 have also been addressed. The book is divided into four main parts. Part 1.1 begins with a basic introduction to the techniques of health and safety risk management and continues with a description of ISO 45001. Part 1.2 covers basic human factors including how the sense organs work and the psychology of the individual. Part 2.1 deals with more advanced techniques of risk management including advanced incident investigation, audit and risk assessment, and Part 2.2 covers a range of advanced human factors topics including human error and decision making. This authoritative treatment of health and safety risk management is essential reading for both students working towards degrees, diplomas and postgraduate or vocational qualifications, and experienced health and safety professionals, who will find it invaluable as a reference.
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.
This book discusses how to collect data and analyze databases in order to map risk zones, and contributes to developing a conceptual framework for coastal risk assessment. Further, the book primarily focuses on a specific case study: the Bay of Bengal along the southeastern coast of India. The dramatic rise in losses and casualties due to natural disasters like wind, storm-surge-induced flooding, seismic hazards and tsunami incidence along this coast over the past few decades has prompted a major national scientific initiative investigating the probable causes and possible mitigation strategies. As such, geoscientists are called upon to analyze the coastal hazards by anticipating the changes in and impacts of extreme weather hazards on the Bay of Bengal coasts as a result of global climate change and local sea-level change.
Christian Hugo Hoffmann undermines the citadel of risk assessment and management, arguing that classical probability theory is not an adequate foundation for modeling systemic and extreme risk in complex financial systems. He proposes a new class of models which focus on the knowledge dimension by precisely describing market participants' own positions and their propensity to react to outside changes. The author closes his thesis by a synthetical reflection on methods and elaborates on the meaning of decision-making competency in a risk management context in banking. By choosing this poly-dimensional approach, the purpose of his work is to explore shortcomings of risk management approaches of financial institutions and to point out how they might be overcome.
"Foundations of Risk Analysis" presents the issues core to risk analysis - understanding what risk means, expressing risk, building risk models, addressing uncertainty, and applying probability models to real problems. The author provides the readers with the knowledge and basic thinking they require to successfully manage risk and uncertainty to support decision makin"g." This updated edition reflects recent developments on risk and uncertainty concepts, representations and treatment. ""New material in "Foundations of Risk Analysis "includes: An up to date presentation of how to understand, define and describe risk based on research carried out in recent years. A new definition of the concept of vulnerability consistent with the understanding of risk.Reflections on the need for seeing beyond probabilities to measure/describe uncertainties. A presentation and discussion of a method for assessing the importance of assumptions (uncertainty factors) in the background knowledge that the subjective probabilities are based on A brief introduction to approaches that produce interval (imprecise) probabilities instead of exact probabilities. In addition the new version provides a number of other improvements, for example, concerning the use of cost-benefit analyses and the As Low As Reasonably Practicable (ALARP) principle. "Foundations of Risk Analysis" provides a framework for understanding, conducting and using risk analysis suitable for advanced undergraduates, graduates, analysts and researchers from statistics, engineering, finance, medicine and the physical sciences, as well as for managers facing decision making problems involving risk and uncertainty.
Risk management deals with prevention, decision-making, action taking, crisis management and recovery, taking into account consequences of unexpected events. The authors of this book are interested in ecological processes, human behavior, as well as the control and management of life-critical systems, which are potentially highly automated.Three main attributes define life-critical systems, i.e., safety, efficiency and comfort. They typically lead to complex and time-critical issues and can belong to domains such as transportation (trains, cars, aircraft), energy (nuclear, chemical engineering), health, telecommunications, manufacturing and services.The topics covered are related to risk management principles, methods and tools, and include situation awareness and the impact of new technology, reliability assessment: human errors as well as system failures, emotions, procedures, system monitoring, control and management, socio-organizational issues of crisis occurrence and management, co-operative work including human-machine cooperation and CSCW, responsibility and accountability: task and function allocation, authority sharing, interactivity, networking and management evolution and lessons learned from Human-Centered Design.
This book presents a unique collection of contributions from some of the foremost scholars in the field of risk and reliability analysis. Combining the most advanced analysis techniques with practical applications, it is one of the most comprehensive and up-to-date books available on risk-based engineering. All the fundamental concepts needed to conduct risk and reliability assessments are covered in detail, providing readers with a sound understanding of the field and making the book a powerful tool for students and researchers alike. This book was prepared in honor of Professor Armen Der Kiureghian, one of the fathers of modern risk and reliability analysis.
Presents various challenges faced by security policy makers and risk analysts, and mathematical approaches that inform homeland security policy development and decision support Compiled by a group of highly qualified editors, this book provides a clear connection between risk science and homeland security policy making and includes top-notch contributions that uniquely highlight the role of risk analysis for informing homeland security policy decisions. Featuring discussions on various challenges faced in homeland security risk analysis, the book seamlessly divides the subject of risk analysis for homeland security into manageable chapters, which are organized by the concept of risk-informed decisions, methodology for applying risk analysis, and relevant examples and case studies. Applied Risk Analysis for Guiding Homeland Security Policy and Decisions offers an enlightening overview of risk analysis methods for homeland security. For instance, it presents readers with an exploration of radiological and nuclear risk assessment, along with analysis of uncertainties in radiological and nuclear pathways. It covers the advances in risk analysis for border security, as well as for cyber security. Other topics covered include: strengthening points of entry; systems modeling for rapid containment and casualty mitigation; and disaster preparedness and critical infrastructure resilience. Highlights how risk analysis helps in the decision-making process for homeland security policy Presents specific examples that detail how various risk analysis methods provide decision support for homeland security policy makers and risk analysts Describes numerous case studies from academic, government, and industrial perspectives that apply risk analysis methods for addressing challenges within the U.S. Department of Homeland Security (DHS) Offers detailed information regarding each of the five DHS missions: prevent terrorism and enhance security; secure and manage our borders; enforce and administer our immigration laws; safeguard and secure cyberspace; and strengthen national preparedness and resilience Discusses the various approaches and challenges faced in homeland risk analysis and identifies improvements and methodological advances that influenced DHS to adopt an increasingly risk-informed basis for decision-making Written by top educators and professionals who clearly illustrate the link between risk science and homeland security policy making Applied Risk Analysis for Guiding Homeland Security Policy and Decisions is an excellent textbook and/or supplement for upper-undergraduate and graduate-level courses related to homeland security risk analysis. It will also be an extremely beneficial resource and reference for homeland security policy analysts, risk analysts, and policymakers from private and public sectors, as well as researchers, academics, and practitioners who utilize security risk analysis methods.
This book explains how investor behavior, from mental accounting to the combustible interplay of hope and fear, affects financial economics. The transformation of portfolio theory begins with the identification of anomalies. Gaps in perception and behavioral departures from rationality spur momentum, irrational exuberance, and speculative bubbles. Behavioral accounting undermines the rational premises of mathematical finance. Assets and portfolios are imbued with "affect." Positive and negative emotions warp investment decisions. Whether hedging against intertemporal changes in their ability to bear risk or climbing a psychological hierarchy of needs, investors arrange their portfolios and financial affairs according to emotions and perceptions. Risk aversion and life-cycle theories of consumption provide possible solutions to the equity premium puzzle, an iconic financial mystery. Prospect theory has questioned the cogency of the efficient capital markets hypothesis. Behavioral portfolio theory arises from a psychological account of security, potential, and aspiration.
Risks are increasingly regulated by international standards, and scientists play a key role in standardization. This fascinating book exposes the action of 'invisible colleges' of scientists loose groups of prominent scientific experts who combine practical experience of risk and control with advisory responsibility in the formulation of international standards. Drawing upon the domains of medicines, 'novel foods' and food hygiene, David Demortain investigates new regulatory concepts emerging from invisible colleges, highlighting how they shape consensus and pave the way for international standards. He explores the relationship between science and regulation from theoretic and historic perspectives, and illustrates how scientific experts integrate regulatory actors in commonly agreed modes of control and structures of regulatory responsibilities. Sociological and political implications are also discussed. Using innovative methodologies and an extensive insight into food and pharmaceutical regulation, this book will provide a much-needed reference tool for scholars and students in a range of fields encompassing science and technology studies, public policy, risk and environmental regulation, and transnational governance. Contents: 1. Risk Regulation From Controversies to Common Concepts 2. Communities, Networks and Colleges: Expert Collectives in Transnational Regulation 3. From Qualifying Products to Imputing Adverse Events: A Short History of Risk Regulation 4. Drawing Lessons: Medical Professionals and the Introduction of Pharmacovigilance Planning 5. Modelling Regulation: HACCP and the Ambitions of the Food Microbiology Elite 6. The Value of Abstraction: Food Safety Scientists and the Invention of Post-market Monitoring 7. Exploring Invisible Colleges: Sociology of the Standardising Scientist 8. Scientists, Standardisation and Regulatory Change: The Emergent Action of Invisible Colleges Appendix 1. Research Strategy and Methodology References Index
An authoritative handbook on risk management techniques and simulations as applied to financial engineering topics, theories, and statistical methodologies The Handbook of Financial Risk Management: Simulations and Case Studies illustrates the prac-tical implementation of simulation techniques in the banking and financial industries through the use of real-world applications. Striking a balance between theory and practice, the "Handbook of Financial Risk Management: Simulations and Case Studies" demonstrates how simulation algorithms can be used to solve practical problems and showcases how accuracy and efficiency in implementing various simulation methods are indispensable tools in risk management. The book provides the reader with an intuitive understanding of financial risk management and deepens insight into those financial products that cannot be priced traditionally. The "Handbook of Financial Risk Management" also features: Examples in each chapter derived from consulting projects, current research, and course instructionTopics such as volatility, fixed-income derivatives, LIBOR Market Models, and risk measuresOver twenty-four recognized simulation modelsCommentary, data sets, and computer subroutines available on a chapter-by-chapter basis As a complete reference for practitioners, the book is useful in the fields of finance, business, applied statistics, econometrics, and engineering. The "Handbook of Financial Risk Management" is also an excellent text or supplement for graduate and MBA-level students in courses on financial risk management and simulation.
This book serves as a technical yet practical risk management manual for professionals working with water and wastewater organizations. It provides readers with a functional comprehension of water and wastewater operations as well as a broad understanding of industry derivations and various stakeholder interconnectivity. This knowledge is imperative, as most administrative professionals are proficient in their respective areas of expertise but sometimes lack fluency on the broader technical aspects of their organization's purpose, operations, and externalities. It also examines risk management best practices and provides an actionable review of doing the right thing, the right way, every time through a combination of core risk management principles. These include enterprise, strategic, operational, and reputational risk management, as well as risk assessments, risk/frequency matrixes, checklists, rules, and decision-making processes. Finally, the book addresses the importance of risk transfer through insurance policies and provides best practices for the prudent selection of these policies across different scenarios. Features: Provides an understanding of water and wastewater technical operations to properly implement sound risk management and insurance programs. Emphasizes the importance of building well-designed, resilient systems, such as policies, processes, procedures, protocol, rules, and checklists that are up to date and fully implemented across a business. Offers a detailed look into insurance policy terms and conditions and includes practical checklists to assist readers in structuring and negotiating their own policies. Handbook of Risk and Insurance Strategies for Certified Public Risk Officers and Other Water Professionals combines practical knowledge of technical water/wastewater operations along with the core subjects of risk management and insurance for practicing and aspiring professionals charged with handling these vital tasks for their organizations. Readers will also gain invaluable perspective and knowledge on best-in-class risk management and insurance practices in the water and wastewater industries.
Whether man-made or naturally occurring, large-scale disasters can cause fatalities and injuries, devastate property and communities, savage the environment, impose significant financial burdens on individuals and firms, and test political leadership. Moreover, global challenges such as climate change and terrorism reveal the interdependent and interconnected nature of our current moment: what occurs in one nation or geographical region is likely to have effects across the globe. Our information age creates new and more integrated forms of communication that incur risks that are difficult to evaluate, let alone anticipate. All of this makes clear that innovative approaches to assessing and managing risk are urgently required. When catastrophic risk management was in its inception thirty years ago, scientists and engineers would provide estimates of the probability of specific types of accidents and their potential consequences. Economists would then propose risk management policies based on those experts' estimates with little thought as to how this data would be used by interested parties. Today, however, the disciplines of finance, geography, history, insurance, marketing, political science, sociology, and the decision sciences combine scientific knowledge on risk assessment with a better appreciation for the importance of improving individual and collective decision-making processes. The essays in this volume highlight past research, recent discoveries, and open questions written by leading thinkers in risk management and behavioral sciences. The Future of Risk Management provides scholars, businesses, civil servants, and the concerned public tools for making more informed decisions and developing long-term strategies for reducing future losses from potentially catastrophic events. Contributors: Mona Ahmadiani, Joshua D. Baker, W. J. Wouter Botzen, Cary Coglianese, Gregory Colson, Jeffrey Czajkowski, Nate Dieckmann, Robin Dillon, Baruch Fischhoff, Jeffrey A. Friedman, Robin Gregory, Robert W. Klein, Carolyn Kousky, Howard Kunreuther, Craig E. Landry, Barbara Mellers, Robert J. Meyer, Erwann Michel-Kerjan, Robert Muir-Wood, Mark Pauly, Lisa Robinson, Adam Rose, Paul J. H. Schoemaker, Paul Slovic, Phil Tetlock, Daniel Vastfjall, W. Kip Viscusi, Elke U. Weber, Richard Zeckhauser.
The role of designers has traditionally been to design a building so that it conforms to accepted local building codes. The safety of workers is left up to the contractor building the designs. Research shows, however, that designers can have an especially strong influence on construction safety during the concept, preliminary and detailed design phases. This book establishes the new knowledge and conceptual frameworks necessary to develop a mobile computing-enabled knowledge management system that can help reduce the high rate of construction falls. There are three main objectives of this book: 1. To create a new Prevention through Design (PtD) knowledge base to model the relationships between fall risks and design decisions; 2. To develop a PtD mobile App to assist building designers in fall prevention through design; 3. To evaluate the practical implications of the PtD mobile App for the construction industry, especially for building designers and workers. The cutting edge technologies explored in this book have the potential to significantly reduce the rate of serious injuries that occur in the global construction industry. This is essential reading for researchers and advanced students of construction management with an interest in safety or mobile technologies.
This edited book contains several state-of-the-art papers devoted to econometrics of risk. Some papers provide theoretical analysis of the corresponding mathematical, statistical, computational, and economical models. Other papers describe applications of the novel risk-related econometric techniques to real-life economic situations. The book presents new methods developed just recently, in particular, methods using non-Gaussian heavy-tailed distributions, methods using non-Gaussian copulas to properly take into account dependence between different quantities, methods taking into account imprecise ("fuzzy") expert knowledge, and many other innovative techniques. This versatile volume helps practitioners to learn how to apply new techniques of econometrics of risk, and researchers to further improve the existing models and to come up with new ideas on how to best take into account economic risks.
Epidemics know no borders and are often characterized by a high level of uncertainty, causing major challenges in risk governance. The author shows the emergence of global risk governance processes and the key role that the World Health Organization (WHO) plays within them.
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