Introduction to Risk Analysis
RI 2016: Section 4.2.1
In this first of two related web lectures by Dr. Frank Guldenmund, we will cover basic definitions that help to crystallize common notions related to risk, such as safety, security, hazards etc. These will serve as a foundation to basic criteria in risk based decision analysis, which is of most interest to decision makers. These criteria include individual risk vs group risk, internal safety vs external safety, localized risk vs societal risk and so on.
As we have seen last week, acknowledging and identifying risks that come with our technologies is an important part of RI. In Section 6.1, we have seen how CBA is used as a means to quantify risks/rewards of various alternatives, as a means to objectively compare and choose which implementation is economically preferable. Other than economic viability, risk mitigation also has a technical dimension, and there are some ways in which these can be quantified and communicated.