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Within the area of safety, different perspectives exist on how to
provide an adequate basis for managing risk. Safety experts
emphasize the cautionary principle, stating that in the face of
uncertainty, caution should be the dominant standard. On the other
hand, relying on economic assessment often leads to decisions made
using expected values to optimize return on investment. Safety Risk
Management: Integrating Economic and Safety Perspectives aims to
illuminate this dichotomy while debating important questions. For
example, is 'safety always first?' Additionally, in many risk
environments only partial knowledge is available and limited
emphasis may be mistakenly given to uncertainty. Risk management
deals with balancing the dilemma inherent in exploring
opportunities on the one hand, and avoiding losses, accidents, and
disasters, on the other. Safety Risk Management: Integrating
Economic and Safety Perspectives comprises a collection of work in
this field with special focus given to situations with the
potential for substantial reward but also with the possibility of
immense losses and extreme consequences. This book aims to
contribute to clarifying the problem by proposing an appropriate
basis for managing risk to meet related practical challenges. The
book consists of two parts: chapters covering fundamental concepts
and approaches; and, chapters illustrating applications of these
fundamental principles.
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