Risk Science An Introduction

Risk science is becoming increasingly important as businesses, policymakers and public sector leaders are tasked with decision-making and investment using varying levels of knowledge and information.Risk Science: An Introductionexplores the theory and practice of risk science, providing concepts and tools for understanding and acting under conditions of uncertainty. The chapters in this work cover the fundamental concepts, principles, approaches, methods and models for how to understand, assess, communicate, manage and govern risk. These topics are presented and examined in a way which details how they relate, for example, how to characterize and communicate risk with particular emphasis on reflecting uncertainties; how to distinguish risk perception and professional risk judgments; how to assess risk and guide decision-makers, especially for cases involving large uncertainties and value differences; and how to integrate risk assessment with resilience-based strategies. The text provides a variety of examples and case studies that relate to highly visible and relevant issues facing risk academics, practitioners and non-risk leaders who must make risk-related decisions. Presenting both the foundational and most recent advancements in the subject matter, this work particularly suits students of risk science courses at college and university level. The book alsoprovides broader key reading for students and scholars in other domains, including business, engineering and public health.

1 Illustrative examples PART I BASIC CONCEPTS 2 What is risk? 3 Measuring and describing risk PART II RISK ASSESSMENT 4 Basic theory of risk assessment 5 More on risk assessment methods PART III RISK PERCEPTION AND COMMUNICATION 6 Risk perception 7 Risk communication PART IV RISK MANAGEMENT 8 Basic theory of risk management 9 Methods for balancing different concerns: Decision and cost-benefit analysis PART V TACKLING PRACTICAL RISK PROBLEMS AND ISSUES 10 General knowledge and experience 11 Cases: Personal, organizational and public Appendices A Basic terminology B Risk science fundamentals C Outline of solutions to problems

Terje Aven is Professor of Risk Analysis and Risk Management at the University of Stavanger, Norway. Shital Thekdi is Associate Professor of Management at the University of Richmond, USA.