Michael H. Faber and Mark G. Stewart
The present paper should be seen as a basis for discussion of important aspects of risk analysis and assessment, as well as attempting to describe risk assessment in accordance with the present state of the art. Risk assessment is thus presented in an overview form from the viewpoint of being a means for decision-making and thus within the formal framework of decision theory. Firs the motivation for risk analysis is given and the theoretical basis together with the practical aspects, methodologies and techniques for the implementation of risk assessment in civil engineering application are explained and discussed. The paper furthermore addresses the problems associated with risk acceptance criteria, risk adverseness and value of human life and attempts to provide suggestions for the rational treatment of these aspects. Finally a number of problems areas are highlighted and the needs for further education, research and dissemination are stressed.
Reliability Engineering & System Safety, 80(2), May 2003, pp. 173-184.
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