By Terje Aven, Ortwin Renn
Risk is a well-liked subject in lots of sciences - in typical, scientific, statistical, engineering, social, monetary and felony disciplines. but, no unmarried self-discipline can grab the total that means of hazard. Investigating chance calls for a multidisciplinary method. The authors, coming from very assorted disciplinary traditions, meet this problem by means of construction bridges among the engineering, the statistical and the social technological know-how views. The booklet offers a entire, obtainable and concise consultant to danger evaluate, administration and governance. It comprises formal methods to probability research with no assuming a excessive point of mathematical talent however it additionally deals mirrored image and deliberation in regards to the socio-political context during which possibility concerns are embedded. A uncomplicated pillar for the publication is the chance governance framework proposed by means of the foreign chance Governance Council (IRGC). This framework deals a complete technique of integrating chance identity, evaluate, administration and communique. The authors boost and clarify new insights and upload substance to many of the parts of the framework. The theoretical research is illustrated by way of a number of examples from diversified parts of applications.
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Additional info for Risk Management and Governance: Concepts, Guidelines and Applications
To explain this in more detail, consider the following example. In an industry, two risk reducing measures A and B are considered. For measure A (B) the computed expected reduced number of fatalities equals 1 (2). The costs are identical for the two measures. Hence the cost–benefit approach would guide the decision-maker to give priority to measure B. 3 The Economic Perspective 31 and processes that could lead to fatalities. Say for example that measure B is based on new technology. Would that change the conclusion of the cost–benefit analysis?
In Chap. 4 we will develop a framework that promises some solutions of how to deal with these challenges. 1 Purpose of a Comparative Review The purpose of this chapter is to give a brief review and discussion of the variety of concepts of risk in different disciplines and application areas, as a basis for describing the integrated approach taken in this book. In general, the following elements form the essence of the risk concept: l l l Possible outcomes (O). We are concerned about outcomes that affect what humans value and in particular undesirable outcomes.
A number of studies have been conducted to measure such implicit values of a statistical life (also referred to as “implied cost of averting a fatality” – ICAF). The costs differ dramatically, from net savings to costs of nearly $100,000 million. The latter category, the expressed approach, is used to investigate individual tendency towards risk taking and willingness to pay under different hypothetical situations, see Nas (1996). The method is not trivial to carry out, as it requires the transformation of noneconomic consequences such as expected loss of lives and damage to the environment, to monetary values.
Risk Management and Governance: Concepts, Guidelines and Applications by Terje Aven, Ortwin Renn