Open AccessA Risk Analysis of Risk Analysis
Author(s) -
Lund Jay R.
Publication year - 2008
Publication title -
journal of contemporary water research and education
Language(s) - English
Resource type - Journals
eISSN - 1936-704X
pISSN - 1936-7031
DOI - 10.1111/j.1936-704x.2008.00028.x
Subject(s) - probabilistic logic , probabilistic risk assessment , probabilistic analysis of algorithms , risk analysis (engineering) , decision analysis , expected utility hypothesis , computer science , decision theory , applied probability , value (mathematics) , operations research , actuarial science , mathematical economics , economics , mathematics , statistics , microeconomics , artificial intelligence , business , machine learning
Probabilistic risk or decision analysis is the most rigourous approach to engineering solutions to fiddicult diecision making problems involvingt uncertainty. A large body of theory and applications has been developed for probabilistic risk analysis, and it is commonly taught at universities. So why isin't probablilistic risk analysis used more often in practice? Perhaps it is rational, in some circumstances, not fo use probabilistic rrisk analysis or not to rely entirely on its use. Author Contact Information: Jay R. Lund jrlund@ucdavis.edu