notes on risk management
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Notes on Risk Management
Risk management consists of - risk perception, riskanalysis, and risk preparedness.
Risks may be divided into three tiers. In the lower band,
the public readily accepts risks because benefits are felt to
outweigh the disadvantages. In the upper band, risks are
regarded as completely unacceptable and must be
reduced even at very high cost or, if not possible, the
activities must cease. The intermediate region is one inwhich decisions on risk reduction are made by trading off
associated costs and benefits.
Traditionally, the field of risk management has three
elements - identification of risks, risk assessment and
implementaton of solutions and plans.
Risk Assessment consists of
identification
quantification
evaluation
acceptance
aversion
control
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may effect average or especially sensitive people or
systems.
Risk aversion is the control action, taken to avoid or
eliminate the risk, regulate or modify the activities to
reduce the magnitude and/or frequency of adverse affects,
reduce the vulnerability of exposed persons, property or in
this case urban systems, develop and implement
mitigation and recovery procedures, and institute loss-reimbursement and loss-distribution schemes.
Source
Conference notes: The ISOCARP-JAPA World Planning
Congress, Ogaki, Japan, 17-20 September 1997.
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