THE ART AND SCIENCE OF RISK ASSESSMENT AND MANAGEMENT

Yacov Y. Haimes
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Yacov Y. Haimes: Center for Risk Management of Engineering Systems, 112 Olsson Hall, Charlottesville, VA 22903, USA

Chapter 9 in New Frontiers of Decision Making for the Information Technology Era, 2000, pp 157-170 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractExpanding and understanding your habitual domain is a lifelong process of self-discovery and personal growth that will make you a happier, wiser and more effective person. It is the human software that directs the function of the most marvelous computer—your brain. Po-Lung Yu [1995]If habitual domain is the lifelong personal, spiritual, and normative process of self-discovery, existence, and personal growth, then in its most generalized form, the art and science of risk assessment and management is the vehicle that provides us with an effective empirical engine that guides us in our sojourn in this world as we explore and discover (with habitual domain principles) the Terra Incognito of our lives.On the subject of goal-setting and state evaluation, Po-Lung Yu [1995] writes:Each one of us has a set of goal functions, and for each goal function we have an ideal state, or an equilibrium point, we want to reach and maintain (this is goal setting). We continuously monitor, consciously or subconsciously, where we are relative to that ideal state (this is the state evaluation).If we attempt to comprehend the above thesis not only from individual perspectives but also from its organizational dimension, as Yu intended, then one cannot escape the centrality of risk assessment and management in guiding individuals and organizations in setting goals, reaching the desired equilibrium, and evaluating and monitoring the uncertain world within and around us.

Keywords: Multiple Criteria; Decision Making; Decision Support Systems; Tradeoff Analysis; System Engineering; Linear Programming (search for similar items in EconPapers)
Date: 2000
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