Developments in Managing and Exploiting Risk, Volume I, Safety Risk Management

Kurt J. Engemann

ISBN 10: 3110633787 / ISBN 13: 9783110633788

Published by De Gruyter, De Gruyter Oldenbourg Feb 2024, 2024

About this Item

This item is printed on demand - it takes 3-4 days longer - Neuware - Within the area of safety, different perspectives exist on how to provide an adequate basis for managing risk. Safety experts emphasize the cautionary principle, stating that in the face of uncertainty, caution should be the dominant standard. On the other hand, relying on economic assessment often leads to decisions made using expected values to optimize return on investment. Safety Risk Management: Integrating Economic and Safety Perspectives aims to illuminate this dichotomy while debating important questions. For example, is 'safety always first ' Additionally, in many risk environments only partial knowledge is available and limited emphasis may be mistakenly given to uncertainty. Risk management deals with balancing the dilemma inherent in exploring opportunities on the one hand, and avoiding losses, accidents, and disasters, on the other. Safety Risk Management: Integrating Economic and Safety Perspectives comprises a collection of work in this field with special focus given to situations with the potential for substantial reward but also with the possibility of immense losses and extreme consequences. This book aims to contribute to clarifying the problem by proposing an appropriate basis for managing risk to meet related practical challenges. The book consists of two parts: chapters covering fundamental concepts and approaches; and, chapters illustrating applications of these fundamental principles. ; The objective of the multi-volume book Developments in Managing and Exploiting Risk is to offer a balanced view to enable the reader to better appreciate risk as a counterpart to reward, and to understand how to holistically manage both elements of this duality. Crises can challenge any organization, and with a seemingly endless stream of disruptive and even catastrophic events taking place, there is an increasing emphasis on preparing for the worst. However, being focused on the negative aspects of risk, without giving consideration to the positive attributes, may be shortsighted. Playing it safe may not always be the best policy, because great benefits may be missed. Analyzing risk is difficult, in part because it often entails events that have never occurred. Organizations, being mindful of undesirable potential events, are often keenly averse to risk to the detriment of capitalizing on its potential opportunities. Risk is usually perceived as a negative or downside but a commensurate weight should also be given to the potential rewards or upside, when evaluating new ventures. Even so, too much of a good thing may create unintended consequences of positive risk, which is also an undesirable situation. Developments in Managing and Exploiting Risk provides a professional and scholarly venue in the critical field of risk in business with particular emphasis on decision-making using a comprehensive and inclusive approach. 248 pp. Englisch.

Seller Inventory # 9783110633788

Bibliographic Details

• Title: Developments in Managing and Exploiting Risk, Volume I, Safety Risk Management
• Publisher: De Gruyter, De Gruyter Oldenbourg Feb 2024
• Publication Date: 2024
• Language: English
• ISBN 10: 3110633787
• ISBN 13: 9783110633788
• Binding: Buch
• Condition: Neu
• Dimensions: 246W x 175H x 21D millimeters 246 millimeters width by 175 millimeters height by 21 millimeters depth
• Weight: 657 grams

About this title

Synopsis

Within the area of safety, different perspectives exist on how to provide an adequate basis for managing risk. Safety experts emphasize the cautionary principle, stating that in the face of uncertainty, caution should be the dominant standard. On the other hand, relying on economic assessment often leads to decisions made using expected values to optimize return on investment. Safety Risk Management: Integrating Economic and Safety Perspectives aims to illuminate this dichotomy while debating important questions. For example, is ‘safety always first?’ Additionally, in many risk environments only partial knowledge is available and limited emphasis may be mistakenly given to uncertainty.

Risk management deals with balancing the dilemma inherent in exploring opportunities on the one hand, and avoiding losses, accidents, and disasters, on the other. Safety Risk Management: Integrating Economic and Safety Perspectives comprises a collection of work in this field with special focus given to situations with the potential for substantial reward but also with the possibility of immense losses and extreme consequences.

This book aims to contribute to clarifying the problem by proposing an appropriate basis for managing risk to meet related practical challenges. The book consists of two parts: chapters covering fundamental concepts and approaches; and, chapters illustrating applications of these fundamental principles.

About the Author

Kurt J. Engemann, Iona College, USA; Eirik B. Abrahamsen, University of Stavanger, Norway