Synopsis
Risk Assessment and Decision Making in Business and Industry: A Practical Guide presents an accessible treatment of the procedures and technologies involved in designing and building risk-assessment processes and models.
Areas examined include:
brokerage-house portfolio management
legal decision making
construction
oil/gas exploration
environmental assessments
engineering
marketing
government
manufacturing
The entire volume is presented as a narrative, keeping statistical jargon to a minimum and explaining all concepts, techniques, and processes in a straightforward manner.
The author emphasizes that the technical aspects of a risk-assessment and decision-making effort are secondary to the cultural, organizational, and interpersonal facets of establishing a framework.
"Practical" is the operative term throughout the text. Risk Assessment and Decision Making in Business and Industry: A Practical Guide enables readers who are not risk experts to effect an easy execution of the risk model building effort.
Review
"[This book] presents an accessible treatment of the procedures and technologies involved in designing and building risk-assessment processes and models. The entire volume is presented as a narrative, keeping statistical jargon to a minimum and explaining all concepts, techniques, and processes in a straightforward manner. This new second edition offers a crucial breakthrough by defining the terms 'risk' and 'uncertainty' in ways that can be applied in all aspects of science and business [and] explores real-world impediments to process change and implementation." - Continuity Insights "This revised edition is almost 40% larger than the first edition. Many of the original 14 chapters have been enhanced with a couple of significant new sectionsStatisticians who are involved with risk analysis will find this book always useful, unabashedly practical, continually amusing with its informal and folksy (even irreverent) conversational writing styleTheir nonstatistical colleagues on uncertainty evaluation projects will very likely love the book and will certainly benefit from at least some of the many nuggets of information on how to have their risk projects end up as successful projects." -Technometrics, Vol. 47, No. 3, August 2005 Comments on the first edition: "To describe [Koller's] approach to risk management as pragmatic is understatementHe patiently walks you through what risk management is, how it works, and why so many organizations benefit from it. He introduces only the necessary amount of statistical building-blocks to help the logic build and is almost apologetic about the occasional reference to statistics or math. Along the way, it becomes obvious that he has guided you by thehand from one learning point to another with such subtlety that you arrive at the end of the book in about half the time you envisioned But the most interesting aspect of Koller's approach is his emphasis on interpersonal impacts of risk management and the importance of designing processes with an eye toward organizational dynamicsthis book is worth reading because its focus is the bottom line and it doesn't get lost on the journey. You won't either." -Marketing NPV
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