Risk Evaluation and Management

Volume 1 of the series Contemporary Issues in Risk Analysis pp 461-487

Approaches to Risk Management

A Critique
  • Lester B. LaveAffiliated withGraduate School of of Industrial Administration, Carnegie-Mellon University

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Many types of hazards confront individuals, families, communities, businesses, and nations. Individuals face immediate danger from accidents and acute disease. They face longer term danger in the form of chronic disease. Financial hazards loom in the form of unemployment, assets becoming worthless, large liabilities emerging, expenses for housing or children’s education, and the termination of earned income at retirement.