Decision Analysis and Risk Management: Two Sides of the Same Coin

Chia sẻ: Thuy Van | Ngày: | Loại File: PDF | Số trang:9

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Decision Analysis and Risk Management: Two Sides of the Same Coin

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Every decision involves an analysis of possible future events (costs, outcomes, markets, etc.) and selection of a choice among competing alternatives. Making a decision is making a selection. Decision analysis is the process of dismantling a decision so as to determine the inputs and processes that went into arriving at a decision. Risk management is managing (preparing for) future uncertainties. Uncertainties are risks. They are the unknowns associated with future events. The decisions we make today create the risks that we must manage tomorrow. Risk management and decision analysis are effectively the same thing. They both involve the dismantling of choices so as to understand the uncertainty of...

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