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Risk Management: 10 Principles
by Jacqueline JeynesRecent global developments have fundamentally changed the landscape for conducting businesses and undertaking social transactions. It is more important than ever to step back and take a broader view of managing risks across all areas of the business. Aimed at small- and medium- sized enterprises, which represent the majority of business units globally, Risk Management: 10 Principles outlines the ten major risk factors every business must consider when establishing a risk management system. Now fully updated after being in print for over 20 years, this book focuses on taking a practical and holistic approach to identifying potential risks and considering how best to manage these risks. Modern topics cover the move to home working for many because of COVID- 19 and increased risk in supply chains, plus many more. Case studies and self- reflection questions are included throughout, with additional checklists available to download to help you focus on particular areas of the business. This readable and entertaining text intends to help the non- expert establish a workable risk management system across all parts of their organization, especially in smaller business units where a risk management professional is not part of the workforce. Restructured and reordered to bring the content right up to date, this book is geared towards those working in small- and medium- sized enterprises, business consultants working with client companies, and as an introductory reader for those new to the concepts of risk management, including safety and environmental consultants and students on occupational health and safety and environmental studies courses.
Risk Modeling for Determining Value and Decision Making
by Glenn KollerRisk or uncertainty assessments are used as aids to decision making in nearly every aspect of business, education, and government. As a follow-up to the author's bestselling Risk Assessment and Decision Making in Business and Industry: A Practical Guide, Risk Modeling for Determining Value and Decision Making presents comprehensive examples of risk
Risk Modeling, Analysis and Control of Multi-energy Systems
by Sheng Wang Yi Ding Yonghua Song Changzheng Shao Minglei BaoThis book focuses on the risk modeling, analysis and control of multi-energy systems considering cross-sectorial failure propagation. Both models and methods have been addressed with engineering practice. This is accomplished by doing a thorough investigation into the modeling of system physics and reliabilities in both long- and short-term phases. Different models and methods to evaluate the risk of multi-energy systems considering various disturbances, e.g., component failures, load uncertainties and extreme weather, are studied in detail. Furthermore, several risk control strategies for multi-energy systems, such as long-term capacity planning and integrated demand response, are analyzed in this book, which is especially suited for readers interested in system risk management. The book can benefit researchers, engineers, and graduate students in the fields of electrical and electronic engineering, energy engineering, complex network and control engineering, etc.
Risk Navigation Strategies for Major Capital Projects
by Asbjørn Rolstadås Richard E. Westney George Farage Jergeas Per Willy HetlandInvestors and managers of major projects know how often they result in cost overruns and schedule delays. Risk Navigation Strategies for Major Capital Projects builds on conventional best practice to provide a risk-based view of current practices for planning and executing large international projects. As economies of scale continue to drive projects to ever-higher levels of scope and complexity, new thinking about strategy and risk is required. Since major projects are highly exposed to external risks, the traditional view of predictability as something that can be mandated and ensured by rigorous application of conventional best practice has become a myth. Fresh thinking is required to manage projects today, and this book provides a framework for taking project management best practice to the next level. Risk Navigation Strategies for Major Capital Projects is intended for executives investing in major projects, project leaders and managers, as well as those with a teaching or research interest in project and risk management.
Risk Pricing Strategies for Public-Private Partnership Projects (Innovation in the Built Environment)
by Abdelhalim BoussabaineThe complexity of public-private partnership project procurement requires an effective process for pricing, managing and appropriate allocation of risks. The level at which risk is priced and the magnitude of risks transferred to the private sector will have a significant impact on the cost of the PPP deals as well as on the value for money analysis and on the section of the optimum investment options. The construction industry tends to concentrate on the effectiveness of risk management strategies and to some extent ignores the price of risk and its impact on whole life cost of building assets. There is a pressing need for a universal framework for the determination of fair value of risks throughout the PPP procurement processes. Risk Pricing Strategies for Public-Private Partnership Projects addresses the issues of risk pricing and demonstrates the use of a coherent strategy to arrive at a fair risk price. The focus of the book is on providing risk pricing strategies to maximise return on risk retention and allocation in the procurement of PPP projects. With its up-to-date coverage of the latest developments in risk pricing and comprehensive treatment of the methodologies involved in designing and building risk pricing strategies, the book offers a simple model for pricing risks. The book follows a thematic structure: PPP processes map; Risk, uncertainty and bias; Risk pricing management strategies; Risk pricing measurement and modelling; Risk pricing at each of the project life cycle stages – and deals with all the important risk pricing issues, using relevant real-world situations through case study examples. It explains how the theory and strategies of risk pricing can be successfully applied to real PPP projects and reflects the broad understanding required by today’s project risk analysts, in their new and important role in PPP contract management.
Risk Propagation Assessment for Network Security: Application to Airport Communication Network Design
by Nicolas Larrieu Alain Pirovano Mohamed Slim Ben MahmoudThe focus of this book is risk assessment methodologies for network architecture design. The main goal is to present and illustrate an innovative risk propagation-based quantitative assessment tool. This original approach aims to help network designers and security administrators to design and build more robust and secure network topologies. As an implementation case study, the authors consider an aeronautical network based on AeroMACS (Aeronautical Mobile Airport Communications System) technology. AeroMACS has been identified as the wireless access network for airport surface communications that will soon be deployed in European and American airports mainly for communications between aircraft and airlines. It is based on the IEEE 802.16-2009 standard, also known as WiMAX.The book begins with an introduction to the information system security risk management process, before moving on to present the different risk management methodologies that can be currently used (quantitative and qualitative). In the third part of the book, the authors’ original quantitative network risk assessment model based on risk propagation is introduced. Finally, a network case study of the future airport AeroMACS system is presented. This example illustrates how the authors’ quantitative risk assessment proposal can provide help to network security designers for the decision-making process and how the security of the entire network may thus be improved. Contents Part 1. Network Security Risk Assessment1. Introduction to Information System Security Risk Management Process.2. System Security Risk Management Background.3. A Quantitative Network Risk Management Methodology Based on Risk Propagation.Part 2. Application to Airport Communication Network Design4. The AeroMACS Communication System in the SESAR Project.5. Aeronautical Network Case Study.
Risk Science: An Introduction
by Terje Aven Shital ThekdiRisk science is becoming increasingly important as businesses, policymakers and public sector leaders are tasked with decision-making and investment using varying levels of knowledge and information. Risk Science: An Introduction explores the theory and practice of risk science, providing concepts and tools for understanding and acting under conditions of uncertainty. The chapters in this work cover the fundamental concepts, principles, approaches, methods and models for how to understand, assess, communicate, manage and govern risk. These topics are presented and examined in a way which details how they relate, for example, how to characterize and communicate risk with particular emphasis on reflecting uncertainties; how to distinguish risk perception and professional risk judgments; how to assess risk and guide decision-makers, especially for cases involving large uncertainties and value differences; and how to integrate risk assessment with resilience-based strategies. The text provides a variety of examples and case studies that relate to highly visible and relevant issues facing risk academics, practitioners and non-risk leaders who must make risk-related decisions. Presenting both the foundational and most recent advancements in the subject matter, this work particularly suits students of risk science courses at college and university level. The book also provides broader key reading for students and scholars in other domains, including business, engineering and public health.
Risk Science: An Introduction
by Terje Aven Shital ThekdiRisk science is becoming increasingly important as businesses, policymakers and public sector leaders are tasked with decision-making and investment using varying levels of knowledge and information. Risk Science: An Introduction explores the theory and practice of risk science, providing concepts and tools for understanding and acting under conditions of uncertainty.The chapters in this book cover the fundamental concepts, principles, approaches, methods and models for how to understand, assess, communicate, manage and govern risk. These topics are presented and examined in a way which details how they relate, for example, how to characterize and communicate risk with particular emphasis on reflecting uncertainties; how to distinguish risk perception and professional risk judgments; how to assess risk and guide decision-makers, especially for cases involving large uncertainties and value differences; and how to integrate risk assessment with resilience-based strategies. The text provides a variety of examples and case studies that relate to highly visible and relevant issues facing risk academics, practitioners and non-risk leaders who must make risk-related decisions.This revised and updated second edition features an entirely new chapter on the integrity and quality of risk studies, and dealing with misinformation in the context of risk. Presenting both the foundational and most recent advancements in the subject matter, this work particularly suits students of risk science courses at college and university level. The book also provides broader key reading for students and scholars in other domains, including business, engineering and public health.
Risk and Adaptation in a Cancer Cluster Town (Nature, Society, and Culture)
by Laura HartIn disease cluster communities across the country, environmental contamination from local industries is often suspected as a source of disease. But civic action is notoriously hampered by the slow response from government agencies to investigate the cause of disease and the complexities of risk assessment. In Risk and Adaptation in a Cancer Cluster Town, Laura Hart examines another understudied dimension of community inaction: the role of emotion and its relationship to community experiences of social belonging and inequality. Using a cancer cluster community in Northwest Ohio as a case study, Hart advances an approach to risk that grapples with the complexities of community belonging, disconnect, and disruption in the wake of suspected industrial pollution. Her research points to a fear driven not only by economic anxiety, but also by a fear of losing security within the community—a sort of pride that is not only about status, but connectedness. Hart reveals the importance of this social form of risk—the desire for belonging and the risk of not belonging—ultimately arguing that this is consequential to how people make judgements and respond to issues. Within this context where the imperative for self-protection is elusive, affected families experience psychosocial and practical conflicts as they adapt to cancer as a way of life. Considering a future where debates about risk and science will inevitably increase, Hart considers possibilities for the democratization of risk management and the need for transformative approaches to environmental justice.
Risk and Crisis Communications
by Pamela Ferrante WalaskiThe go-to guide for learning what to say and how to say it In this climate of near constant streams of media messages, organizations need to know how to effectively communicate risks to their audiences and what to say when a crisis strikes. Risk and Crisis Communications: Methods and Messages is designed to help organizations understand the essential components of communicating about risks during a crisis, and it carves out a role for safety health and environmental (SH&E) professionals in the process. Covering common theoretical concepts and explaining the positions of noted experts in the field such as Peter Sandman and Vincent Covello, the book provides a fundamental understanding of the process behind crafting effective messages for a variety of different situations and explains the consequences of saying the wrong thing to an emotional audience. Incorporating numerous case studies-including the BP Deepwater Horizon Oil Spill and the 2010 H1N1 pandemic-it shows how messages can change the way an audience perceives an event and how they react to it, clearly demonstrating how ineffective messages can create untold difficulties for an organization's public image. Savvy SH&E professionals know that their role in helping to craft risk and crisis messages as well as assisting in the execution of risk communication plans provides a critical path to becoming more valuable members of their organizations. Risk and Crisis Communications: Methods and Messages provides invaluable assistance in helping SH&E professionals add value to their organization.
Risk and Insurance in Construction
by Nael G. Bunni Lydia B. BunniThe new 3rd edition of Nael Bunni’s Risk and Insurance in Construction, now co-authored with Lydia Bunni, explains the need for insurance in construction and engineering projects and why it must be incorporated into the Conditions of Contract for such projects. It is unique in bringing together the background of the two topics of 'risk' and 'construction insurance', explaining the flow and the interaction between them and then dealing with how they have been used to formulate the 2017 FIDIC Suite of Contracts and the 2021 Green Book. This edition has been fully updated, and new chapters deal with the latest definitions of 'risk' outlined in ISO 31000: 2009, and specifically explains the principles embodied in the new Clauses 17, 18 and 19 of the Major Suite of the FIDIC forms of contract and how they should be used. An important chapter (Chapter 5) is included, discussing the logical transition from decision-making to risk identification to responsibility for those allocated with particular risks, to the potential liability that results. This includes discussing particular liabilities that may arise for parties typically involved in construction and engineering projects, including developers, owners, contractors and designers. This part of the book links insurance to the law and explains the interaction between the two topics. The correlation between liability and the need for indemnity, which can only be provided properly through insurance, is highlighted. The book is essential reading for practitioners from both the engineering profession and the insurance industry in all types of projects. Engineers who are required to use one of the Major Forms of the FIDIC Suite of Contracts, whether they are designers or contractors, and those involved in the insurance sector, whether brokers, claim consultants or insurance company personnel, will find this book to be an indispensable reference.
Risk and Insurance in Construction
by Nael G. BunniThose involved in construction have to cope with so much learning in their own discipline that they shun further involvement in subjects such as insurance and law which in themselves are so deeply and intensely complex. However, insurance and law are interwoven in the basic procedures used in the construction industry for undertaking work, be they design, construction, supervision or operation, or any combination of them. This thoroughly revised edition of Nael Bunni's successful book, formerly called Insurance in Construction, provides information on risk, construction law and construction insurance for those involved with all aspects of construction. The chapters on risk have been expanded to include recent developments in the area and provide further examples of events which could occur on what can be viewed as the most risky human work activity, namely construction. New chapters are also added to deal with the insurance clauses of the many new standard forms of contract published in recent years, including FIDIC's new suite of contracts published in September 1999, ICE's seventh edition of the civil engineering standard form of contract, and ICE's second edition of the design/build form.
Risk and Interdependencies in Critical Infrastructures
by Ingrid B. Utne Per Hokstad Jørn VatnToday's society is completely dependent on critical networks such as water supply, sewage, electricity, ICT and transportation. Risk and vulnerability analyses are needed to grasp the impact of threats and hazards. However, these become quite complex as there are strong interdependencies both within and between infrastructure systems. Risk and Interdependencies in Critical Infrastructures: A guideline for analysis provides methods for analyzing risks and interdependencies of critical infrastructures. A number of analysis approaches are described and are adapted to each of these infrastructures. Various approaches are also revised, and all are supported by several examples and illustrations. Particular emphasis is given to the analysis of various interdependencies that often exist between the infrastructures. Risk and Interdependencies in Critical Infrastructures: A guideline for analysis provides a good tool to identify the hazards that are threatening your infrastructures, and will enhance the understanding on how these threats can propagate throughout the system and also affect other infrastructures, thereby identifying useful risk reducing measures. It is essential reading for municipalities and infrastructure owners that are obliged to know about and prepare for the risks and vulnerabilities of the critical infrastructures for which they are responsible.
Risk and Reliability Analysis: Theory and Applications
by Paolo GardoniThis 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.
Risk and Reliability: Coastal and Hydraulic Engineering
by Dominic ReeveThis book delineates the methods required by government agencies for river and sea defense design and flood defense system management and demonstrates how to evaluate uncertainty in the performance of flood and erosion defenses. It introduces the statistical concepts required for the implementation of a reliability analysis and describes the analytical and the numerical methods with worked examples. The author provides examples of applications of the methods to illustrate their advantages and limitations, and includes case studies drawn from his experience in academia and consulting.
Risk and Resilience: Socio-Spatial and Environmental Challenges (SpringerBriefs in Applied Sciences and Technology)
by Alessandro Balducci Francesco Curci Daniele ChiffiThis book presents and discusses methodological approaches and operational tools aimed at increasing the awareness and skills necessary to face the social, economic and environmental challenges usually encountered in spatial planning. In addition, it deals with the concepts of risk and resilience from both a theoretical and operational point of view. The book promotes a better understanding of risk, resilience, and related notions such as vulnerability, fragility and anti-fragility in urban and landscape studies, while also analyzing new planning policies. Accordingly, it will benefit all researchers and public decision-makers looking for an interdisciplinary approach to risk and resilience.
Risk and Safety Analysis of Nuclear Systems
by John C. Lee Norman J. MccormickThe book has been developed in conjunction with NERS 462, a course offered every year to seniors and graduate students in the University of Michigan NERS program. The first half of the book covers the principles of risk analysis, the techniques used to develop and update a reliability data base, the reliability of multi-component systems, Markov methods used to analyze the unavailability of systems with repairs, fault trees and event trees used in probabilistic risk assessments (PRAs), and failure modes of systems. All of this material is general enough that it could be used in non-nuclear applications, although there is an emphasis placed on the analysis of nuclear systems. The second half of the book covers the safety analysis of nuclear energy systems, an analysis of major accidents and incidents that occurred in commercial nuclear plants, applications of PRA techniques to the safety analysis of nuclear power plants (focusing on a major PRA study for five nuclear power plants), practical PRA examples, and emerging techniques in the structure of dynamic event trees and fault trees that can provide a more realistic representation of complex sequences of events. The book concludes with a discussion on passive safety features of advanced nuclear energy systems under development and approaches taken for risk-informed regulations for nuclear plants.
Risk and Systems: With Applications in Infrastructure Project Management
by David G. CarmichaelRisk is related to the magnitude and uncertainty of an output (consequence or outcome); outputs take on different identities in different disciplines and situations. Risk is peculiar to each stakeholder and the measurement scale for risk depends on the stakeholder’s value system. Risk management provides a way of addressing the issues associated with the magnitude and uncertainty of outputs. This book provides a distinctively rational treatment of risk and risk management, based on a systems approach. The book’s treatment applies to all disciplines and sets out the principles of risk and risk management as well as looking at a range of applications and more specialist tools and approaches. The book: Develops a risk framework through a systems approach Offers a challenging and fresh approach for infrastructure engineering, construction and project management in general The book will suit students and practitioners alike.
Risk and Uncertainty Reduction by Using Algebraic Inequalities
by Michael T. TodinovThis book covers the application of algebraic inequalities for reliability improvement and for uncertainty and risk reduction. It equips readers with powerful domain-independent methods for reducing risk based on algebraic inequalities and demonstrates the significant benefits derived from the application for risk and uncertainty reduction. Algebraic inequalities: • Provide a powerful reliability improvement, risk and uncertainty reduction method that transcends engineering and can be applied in various domains of human activity • Present an effective tool for dealing with deep uncertainty related to key reliability-critical parameters of systems and processes • Permit meaningful interpretations which link abstract inequalities with the real world • Offer a tool for determining tight bounds for the variation of risk-critical parameters and complying the design with these bounds to avoid failure • Allow optimising designs and processes by minimising the deviation of critical output parameters from their specified values and maximising their performance This book is primarily for engineering professionals and academic researchers in virtually all existing engineering disciplines.
Risk and Uncertainty for Civil Engineering
by Thomas Rodding KjeldsenThis textbook introduces the fundamental concepts of probability, risk, and uncertainty, and shows their relevance in civil engineering projects. With an emphasis on applied probability and statistics, the book aids students in developing an intuitive understanding of the methods to apply in practice.Drawing from real-world examples, readers are introduced to risk assessment and analysis techniques, enabling them to identify, evaluate, and prioritise potential risks. Examples are provided of how spreadsheet tools such as Microsoft Excel can be used to solve problems involving probability, and practical approaches such as Monte Carlo simulations and decision trees are explained in a clear, accessible manner, empowering students to make informed decisions under uncertain and variable conditions. The book also emphasises the importance of effective communication, equipping students with essential skills for working in multidisciplinary teams and with different stakeholders.Risk and Uncertainty for Civil Engineering serves as an introductory textbook for undergraduate students in civil engineering, as well as a useful primer for postgraduate students.
Risk and the Theory of Security Risk Assessment (Advanced Sciences and Technologies for Security Applications)
by Carl S. YoungThis book provides the conceptual foundation of security risk assessment and thereby enables reasoning about risk from first principles. It presents the underlying theory that is the basis of a rigorous and universally applicable security risk assessment methodology. Furthermore, the book identifies and explores concepts with profound operational implications that have traditionally been sources of ambiguity if not confusion in security risk management. Notably, the text provides a simple quantitative model for complexity, a significant driver of risk that is typically not addressed in security-related contexts. Risk and The Theory of Security Risk Assessment is a primer of security risk assessment pedagogy, but it also provides methods and metrics to actually estimate the magnitude of security risk. Concepts are explained using numerous examples, which are at times both enlightening and entertaining. As a result, the book bridges a longstanding gap between theory and practice, and therefore will be a useful reference to students, academics and security practitioners.
Risk, Opportunity, Uncertainty and Other Random Models (Working Guides to Estimating & Forecasting #5)
by Alan R. JonesRisk, Opportunity, Uncertainty and Other Random Models (Volume V in the Working Guides to Estimating and Forecasting series) goes part way to debunking the myth that research and development cost are somewhat random, as under certain conditions they can be observed to follow a pattern of behaviour referred to as a Norden-Rayleigh Curve, which unfortunately has to be truncated to stop the myth from becoming a reality! However, there is a practical alternative in relation to a particular form of PERT-Beta Curve. However, the major emphasis of this volume is the use of Monte Carlo Simulation as a general technique for narrowing down potential outcomes of multiple interacting variables or cost drivers. Perhaps the most common of these in the evaluation of Risk, Opportunity and Uncertainty. The trouble is that many Monte Carlo Simulation tools are ‘black boxes’ and too few estimators and forecasters really appreciate what is happening inside the ‘black box’. This volume aims to resolve that and offers tips into things that might need to be considered to remove some of the uninformed random input that often creates a misinformed misconception of ‘it must be right!’ Monte Carlo Simulation can be used to model variable determine Critical Paths in a schedule, and is key to modelling Waiting Times and cues with random arisings. Supported by a wealth of figures and tables, this is a valuable resource for estimators, engineers, accountants, project risk specialists as well as students of cost engineering.
Risk, Technology, and Moral Emotions (Routledge Studies in Ethics and Moral Theory)
by Sabine RoeserRisks arising from technologies raise important ethical issues. Although technologies such as nanotechnology, biotechnology, ICT, and nuclear energy can improve human well-being, they may also convey risks for our well-being due to, for example, abuse, unintended side-effects, accidents, and pollution. As a consequence, technologies can trigger emotions, including fear and indignation, which often leads to conflicts between stakeholders. How should we deal with such emotions in decision making about risky technologies? This book offers a new philosophical theory of risk emotions, arguing why and how moral emotions should play an important role in decisions surrounding risky technologies. Emotions are usually met with suspicion in debates about risky technologies because they are seen as contrary to rational decision making. However, Roeser argues that moral emotions can play an important role in judging ethical aspects of technological risks, such as justice, fairness, and autonomy. This book provides a novel theoretical approach while at the same time offering concrete recommendations for decision making about risky technologies. It will be of interest to those working in different areas of philosophy—such as ethics, decision theory, philosophy of science, and philosophy of technology—as well as scholars in the fields of psychology, public policy, science and technology studies, environmental ethics, and bioethics.
Risk, Uncertainty and Decision-Making in Property
by P. ByrneProvides undergraduates in surveying and property professionals with a clear practical explanation of the various management techniques to improve their property development decisions.
Risk-Based Analysis for Environmental Managers
by Kurt A. FrantzenAll corporations must perform evaluations to define the risks to public health and the environment. Your corporation can get the edge by evaluating risk with a process that begins with the "end-in-mind" for the property and that concludes with a cogently communicated argument that addresses the issues. With this in mind, Risk-Based Analysis for Env