The Need for Risk Benefit Analysis
“Risk can be managed, minimised, shared, transferred or accepted. It cannot be ignored”. (Sir Michael Latham). The process of risk based decision making is a logical process which is challenged through the not so logical behaviour of people. Technical analysis is often controversial with poor confidence limits on data. However, assuming good quality quantitative data is used then formal analysis aids the logical decision making process. Sight must not be lost, though, of the public values and how that assessment is input to the process, without which acceptance criteria cannot be defined and therefore achieved.
KeywordsRisk Assessment Acceptance Criterion Transportation Sector Hazard Identification Logical Behaviour
Unable to display preview. Download preview PDF.
- CIRIA (1996) Control of Risk - A guide to systematic management of risk from construction.Google Scholar
- Royal Society (1992) Risk: Analysis, perception and management, Report of Royal Society Study Group, London.Google Scholar
- Bohenblust, H. Risk based decision making in the transportation sector (this book).Google Scholar
- Meadowcroft, I.C., D.E. Reeve, N.W.H. Allsop, R.P. Diment and J. Cross (1995) Development of new risk assessment procedures for coastal structures,Institution of civil engineers (April).Google Scholar
- UK Government/Industry Working Group Guidance (1995) Risk benefit analysis of existing substances.Google Scholar