The economics of acceptable risk

While avoiding the many nuances of ‘acceptable’ vs ‘tolerable’ risk and ‘How safe is safe enough?’ issues, let’s scratch the surface of setting, moving towards, or sustaining a target risk level. We begin with a premise that risk reduction is sought for some asset or collection of assets. We explore the risk reduction opportunities with […]

Due Diligence—Risk Costs of Asset Ownership

In this column, we occasionally highlight applications of risk assessment that are perhaps less apparent to some.  Since risk permeates almost all industrial endeavors, it is not surprising that risk understanding is or should be an essential part of many types of decision-making.  We have already covered risk assessment in incident investigation and as a […]