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Risk management: A systems paradigm
Author(s) -
Hessami A. G.
Publication year - 1999
Publication title -
systems engineering
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.474
H-Index - 50
eISSN - 1520-6858
pISSN - 1098-1241
DOI - 10.1002/(sici)1520-6858(1999)2:3<156::aid-sys3>3.0.co;2-h
Subject(s) - anticipation (artificial intelligence) , risk analysis (engineering) , risk management , context (archaeology) , component (thermodynamics) , management science , complexity management , paradigm shift , computer science , business , engineering , economics , epistemology , management , marketing , paleontology , physics , artificial intelligence , biology , thermodynamics , philosophy
The management of risks arising from products, systems, projects, or business undertakings is a broad subject. The fundamental tenets of risk management is anticipation/forecasting and timely prevention or mitigation against all undesirable safety, commercial, and potentially environmental facets in a given context. In practice, given the potential for failures and loss posed by advancing technologies and complexity in the world around us, the discipline of risk management has not evolved to cope with the enormous challenges posed. This paper proposes a rational and structured approach to this largely subjective discipline, based on emergent properties of a system of principles. It is argued that systematic risk management also constitutes a fundamental and potent component of the safety case regime in vogue today. © 1999 John Wiley & Sons, Inc. Syst Eng 3: 156–167, 1999