Abstract
Improvements in risk management practices are possible on the basis of a rational approach to comparisons of the benefits and detriments of a course of action and of the alternatives to that course of action. We propose a conceptual framework within which a systematic assessment of technology options is made in such a way that all the important consequences can be treated in a consistent manner. Our proposed measure as a guide to decisions in the management of risks is based on a consideration of overall social well-being, where the objective is to ensure that all risk mitigation should maximize the total net benefit measured in terms of quality-adjusted life expectancy. The study addresses one of the central issues in risk management: what is an appropriate and reasonable allocation of resources aimed at risk reduction? Quantitative assessments and their assembly into a coherent framework are considered vital aids in weighing the options and resolving the problems inherent in the management of risks and the formation of safety policy.
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Nathwani, J.S., Lind, N.C., Siddall, E. (1991). Risk-Benefit Balancing in Risk Management: Measures of Benefits and Detriments. In: Garrick, B.J., Gekler, W.C. (eds) The Analysis, Communication, and Perception of Risk. Advances in Risk Analysis, vol 9. Springer, Boston, MA. https://doi.org/10.1007/978-1-4899-2370-7_59
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DOI: https://doi.org/10.1007/978-1-4899-2370-7_59
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