Risk Management in a Multiobjective Decision-Making Framework,
Abstract
The thesis of this paper is grounded on the premise that the analysis of risk and uncertainty-and ultimately the management of risk-can be meaningful and effective only when considered as an integral part of the decision-making process. Five major elements or steps that encompass the risk assessment process-risk identification, risk quantification, risk evaluation, risk acceptance and risk management-are discussed. The risk assessment is shown to ultimately lend itself to a multiobjective decision-making process. The surrogate worth trade-off method (a multiobjective optimization method) and four risk assessment methodologies-the multiobjective statistical method, the partitioned multiobjective risk method the risk/dispersion index method and the uncertainty/sensitivity index method are briefly discussed. (Author)
Document Details
- Document Type
- Technical Report
- Publication Date
- Jul 15, 1983
- Accession Number
- ADP002317
Entities
People
- Y. Y. Haimes
Organizations
- Case Western Reserve University