A revision of industrial risk management: Decisions and experimental tools in risk business

Article type: Research Article

Authors: Beaudouin, François | Munier, Bertrand^;

Affiliations: EDF R&D, 78400 Chatou, France | GRID, ENSAM/ESTP/IAE de Paris, 94230 Cachan, France

Note: [] Address for correspondence: B. Munier, GRID, ENSAM/ ESTP/IAE de Paris, 30, Avenue Pdt Wilson, 94230 Cachan, France.

Abstract: This paper shows that current practices of industrial risk management need a substantial revision. It is argued that the too often praised integration of health, safety and environment with quality management is a historical misconception that has led to mistakes. The authors argue further that techniques derived from experiments in decision analysis provide a sound conceptual framework and lead to less costly and more efficient practices in managing risks.

Keywords: Risk management, risk methodology, subjective assessment, uncertainty

DOI: 10.3233/RDA-2008-0001

Journal: Risk and Decision Analysis, vol. 1, no. 1, pp. 3-20, 2009