Risk Modeling, Assessment, and Management (Wiley Series in Systems Engineering and Management) (Hardcover)

~ (Author) "Risk-based decisionmaking and risk-based approaches in decisionmaking are terms frequently used to indicate that some systematic process that deals with uncertainties is being used to..." (more)
Key Phrases: hierarchical holographic modeling, partitioned multiobjective risk method, sensitivity index method, New York, University of Virginia, United States (more...)

Editorial Reviews

Review

"…a wonderful reference…absolutely necessary for all of us who teach or apply the techniques and methods of risk." (Risk Analysis, October 2005)

"…should enable students…to be well fortified for applications once they are on the job. Those beyond that stage can look upon the book as a comprehensive and sound treatise." (Journal of Food Quality, October 2004)

“…highly readable…a must for those who want at least an outline of why politicians and financial advisors are so often wrong.” (Measurement & Control, Vol 38 (7), September 2005)

"...can serve as the lead work in graduate business or engineering classes on risk aversion...an excellent reference that will come in handy in...[risk management professionals'] daily work." (Quality Progress, February 2005)

"Professor Haimes' book is already a classic and the second edition is even better. Anyone wishing to make a wise investment with almost no risk but huge intellectual dividends, should consider immediately obtaining a copy of this fine book.” (IIE Transactions on Operations Engineering)

"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 complex mathematics whenever possible." (Journal of the American Water Resources Association)

"…this new edition offers an important resource for industry professionals as well as advanced graduate students in systems engineering." (Zentralblatt MATH, 1105, 85)

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.

See all Editorial Reviews

Product Details

• Hardcover: 864 pages
• Publisher: Wiley-Interscience; 2 edition (April 12, 2004)
• Language: English
• ISBN-10: 0471480487
• ISBN-13: 978-0471480488
• Product Dimensions: 9.4 x 6.3 x 1.8 inches
• Shipping Weight: 2.9 pounds
• Average Customer Review: 2.8 out of 5 stars  See all reviews (4 customer reviews)
• Amazon.com Sales Rank: #994,260 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

19 of 20 people found the following review helpful:

2.0 out of 5 stars Unblushing Narcissism/User Unfriendly, January 18, 2001

By A Customer

This review is from: Risk Modeling, Assessment, and Management (Wiley Series in Systems Engineering and Management) (Hardcover)

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.

10 of 11 people found the following review helpful:

2.0 out of 5 stars Disappointing, February 21, 2005

By	A reader - See all my reviews

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.

2 of 2 people found the following review helpful:

2.0 out of 5 stars Expensive textbook-- but a genuine contribution to the field, October 15, 2007

By	Dave Carew "story boy" (Rocky Mountain West USA) - See all my reviews

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.