Risk management

Essay specific features

 

Issue:

Business

 

Written by:

Cynthia J

 

Date added:

March 9, 2013

 

Level:

University

 

Grade:

B

 

No of pages / words:

2 / 548

 

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3172 times

 

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Essay content:

Thus 10 represents the real criterion for intolerance and negligibility, respectively. The interval [1,100] is an uncertainty region where the ALARP principle applies. Decision-makers can draw conclusions about intolerability (above 100) or acceptance/negligibility (below 1), with the intermediate 24 FOUNDATIONS OF RISK ANALYSIS region interpreted as tolerable only if risk reduction is impracticable (which means cost-benefit considerations)...
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In this section we briefly review the standard approach for conducting reliability analysis. As this approach is similar to the one described in the previous section, we will just introduce the main features of reliability analysis and refer to Section 2.1.2 where appropriate. We distinguish between a traditional reliability analysis and methods of structural reliability analysis, as they represent different traditions, the former dominated by statisticians and the latter by civil engineers...
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