Risk Modeling, Assessment, and Management

An updated and timely new look at the theory and practice of riskmanagement Since the first edition of Risk Modeling, Assessment, andManagement was published, public interest in the field of riskanalysis has grown astronomically. Its adaptation across manydisciplines and its deployment by industry and government agenciesin decision making has led to an unprecedented development of newtheory, methodology, and practical tools. The Second Edition of this well-regarded reference describes thestate of the art of risk management and its important applicationsin such areas as engineering, science, manufacturing, business,management, and public policy. The author strikes a balance betweenthe quantitative and the qualitative aspects of risk management,showing clearly how to quantify risk and construct probability inconjunction with real-world decision-making problems. At the sametime, he addresses a host of institutional, organizational,political, and cultural considerations. Incorporating real-worldexamples and case studies to illustrate the analytical methodsunder discussion, the book presents basic concepts as well asadvanced material, avoiding higher mathematics wheneverpossible. Some key revisions to the Second Edition include: * A completely updated format with many new examples andproblems * A new chapter on Risks of Terrorism, including case studies intransportation, water supply, infrastructure interdependencies,food safety, and a National Research Council report onterrorism * A new chapter on Risk Filtering, Ranking, and Management (RFRM),a technology co-developed by the author and supported by severalcase studies and examples * A new focus on minimizing the high cost associated with today'smore extensive risk management Examining timely, multidisciplinary practical applications, thisnew edition offers an important resource for industry professionalsas well as advanced graduate students in systems engineering.