by Yacov Y. Haimes
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Product Description
An updated and timely new look at the theory and practice of risk management
Since the first edition of Risk Modeling, Assessment, and Management was published, public interest in the field of risk analysis has grown astronomically. Its adaptation across many disciplines and its deployment by industry and government agencies in decision making has led to an unprecedented development of new theory, methodology, and practical tools.
The Second Edition of this well-regarded reference describes the state of the art of risk management and its important applications in such areas as engineering, science, manufacturing, business, management, and public policy. The author strikes a balance between the quantitative and the qualitative aspects of risk management, showing clearly how to quantify risk and construct probability in conjunction with real-world decision-making problems. At the same time, he addresses a host of institutional, organizational, political, and cultural considerations. Incorporating real-world examples and case studies to illustrate the analytical methods under discussion, the book presents basic concepts as well as advanced material, avoiding higher mathematics whenever possible.
Some key revisions to the Second Edition include:
* A completely updated format with many new examples and problems
* A new chapter on Risks of Terrorism, including case studies in transportation, water supply, infrastructure interdependencies, food safety, and a National Research Council report on terrorism
* A new chapter on Risk Filtering, Ranking, and Management (RFRM), a technology co-developed by the author and supported by several case studies and examples
* A new focus on minimizing the high cost associated with today's more extensive risk management
Examining timely, multidisciplinary practical applications, this new edition offers an important resource for industry professionals as well as advanced graduate students in systems engineering.
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Average Customer Review:
2 of 2 people found the following review helpful:
 Expensive textbook-- but a genuine contribution to the field, 2007-10-15
I was dismayed by the low quality of the binding and general production values of this book. The cover binding broke in my first half hour of gentle and practiced use -- I have been handling textbooks as a graduate and undergraduate for nearly 20 years, and I know how to handle a book. The low quality is outrageous given its price of over 100 dollars. One has (sadly) come to expect some price gouging in the marketplace of advanced academic textbooks; however the least such pirates should do is to provide decent quality and production values in their overpriced wares.
On the other hand, this text seems to me to be practically indispensable in its coverage of the mathematical underpinnings of a part of Systems Engineering which has grown greatly in prominence in the past decade or so--That is, risk management. The book is pretty chaotic and appears hastily thrown together from recently published papers and other "young" sources. But (I believe) one has to look past some of the shortcoming and acknowledge that it contains some very valuable material, presented by one of the genuine pioneers in the field.
10 of 11 people found the following review helpful:
Disappointing, 2005-02-21
When used as a graduate level textbook, this work places extreme demands on the student. The lack of simple examples to explain foundation concepts places the student at a disadvantage from the start. The summary examples at the end of each section seemed to be confined to the author's research work and leave the reader more puzzled than enlightened. The endless stream of acronyms is initially annoying, but then becomes almost comical as the experienced reader (ER) becomes more accustomed to the practice. The text is a good resource for anyone specifically interested in risk management of water resource projects. For the rest of us, we'll have to look elsewhere.
19 of 20 people found the following review helpful:
Unblushing Narcissism/User Unfriendly, 2001-01-19
The author spends a great deal of time describing his models and methods (referred to by highly forgettable acronyms) as if they were standards of practice. The writing is not easy to read and the organization of the material and poor indexing do not facilitate use as a reference. A lack of problems and exercises (as well as the use of non-standard terminology) makes the book hard to use as a classroom text.There are much better book available that cover this material.
5 of 16 people found the following review helpful:
 A MUST OWN/READ BOOK!, 2000-07-13
The book contains many modern risk analysis tools not found in other books of its kind. What I like with the book is that it presents very sound and meaningful challenges to many traditional risk methods and provides alternative techniques to correct these shortcomings. The examples are practical and easy to comprehend. I hope that the future editions shall include exercises (or problems) to serve as mechanism to further hone the understanding of the students (or any readers of the book).
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