Risk Analysis

Everyday we face decisions that carry an element of risk anduncertainty. The ability to analyze, predict, and prepare for thelevel of risk entailed by these decisions is, therefore, one of themost constant and vital skills needed for analysts, scientists andmanagers.

Risk analysis can be defined as a systematic use of informationto identify hazards, threats and opportunities, as well as theircauses and consequences, and then express risk. In order tosuccessfully develop such a systematic use of information, thoseanalyzing the risk need to understand the fundamental concepts ofrisk analysis and be proficient in a variety of methods andtechniques. Risk Analysis adopts a practical, predictiveapproach and guides the reader through a number ofapplications.

Risk Analysis:

• Provides an accessible and concise guide to performing riskanalysis in a wide variety of fields, with minimal prior knowledgerequired.
• Adopts a broad perspective on risk, with focus on predictionsand highlighting uncertainties beyond expected values andprobabilities, allowing a more flexible approach than traditionalstatistical analysis.
• Acknowledges that expected values and probabilities couldproduce poor predictions - surprises may occur.
• Emphasizes the planning and use of risk analyses, rather thanjust the risk analysis methods and techniques, including thestatistical analysis tools.
• Features many real-life case studies from a variety ofapplications and practical industry problems, including areas suchas security, business and economy, transport, oil & gas and ICT(Information and Communication Technology).
• Forms an ideal companion volume to Aven's previous Wileytext Foundations of Risk Analysis.

Professor Aven's previous book Foundations of RiskAnalysis presented and discussed several risk analysisapproaches and recommended a predictive approach. This new textexpands upon this predictive approach, exploring further the riskanalysis principles, concepts, methods and models in an appliedformat. This book provides a useful and practical guide todecision-making, aimed at professionals within the risk analysisand risk management field.