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Using Decision Analysis and Risk Analysis to Manage Utility Environmental Risk

Author

Listed:
  • William E. Balson

    (Decision Focus Incorporated, 650 Castro Street, Suite 300, Mountain View, California 94041)

  • Justin L. Welsh

    (Decision Focus Incorporated, 650 Castro Street, Suite 300, Mountain View, California 94041)

  • Donald S. Wilson

    (Decision Focus Incorporated, 650 Castro Street, Suite 300, Mountain View, California 94041)

Abstract

Decision analysis and risk analysis techniques are used to analyze and evaluate a wide variety of problems. Recently, the electric utility industry has used these techniques for health, environmental, and economic risks associated with current and past operations. In some instances, the true health and environmental hazards posed by certain chemicals (for example, PCBs and dioxin) may be controversial and widely debated by the scientific and regulatory community. Regardless of the outcomes of such debates, the continued use or presence of these chemicals may pose a very real economic risk to the utility in the form of cleanup costs, fines, liabilities, public relations, or other direct or indirect costs. Decision analysis and risk analysis techniques are used to manage these economic risks. In other contexts, the utility may need an accurate quantitative assessment of health and environmental risks and an evaluation of alternative mitigation strategies. Some of the same techniques are applied to the environmental risk analysis problem.

Suggested Citation

  • William E. Balson & Justin L. Welsh & Donald S. Wilson, 1992. "Using Decision Analysis and Risk Analysis to Manage Utility Environmental Risk," Interfaces, INFORMS, vol. 22(6), pages 126-139, December.
    • Handle: RePEc:inm:orinte:v:22:y:1992:i:6:p:126-139
    DOI: 10.1287/inte.22.6.126
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    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
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    Cited by:

    1. Kleijnen, J.P.C., 1995. "Sensitivity analysis and related analysis : A survey of statistical techniques," Research Memorandum FEW 706, Tilburg University, School of Economics and Management.
    2. M. Elisabeth Paté-Cornell & Robin L. Dillon, 2006. "The Respective Roles of Risk and Decision Analyses in Decision Support," Decision Analysis, INFORMS, vol. 3(4), pages 220-232, December.
    3. Donald L. Keefer & Craig W. Kirkwood & James L. Corner, 2004. "Perspective on Decision Analysis Applications, 1990–2001," Decision Analysis, INFORMS, vol. 1(1), pages 4-22, March.
    4. Ben Ewing & Erin Baker, 2009. "Development of a Green Building Decision Support Tool: A Collaborative Process," Decision Analysis, INFORMS, vol. 6(3), pages 172-185, September.
    5. Zhou, P. & Ang, B.W. & Poh, K.L., 2006. "Decision analysis in energy and environmental modeling: An update," Energy, Elsevier, vol. 31(14), pages 2604-2622.
    6. Kenneth Chelst, 1998. "Can't See the Forest Because of the Decision Trees: A Critique of Decision Analysis in Survey Texts," Interfaces, INFORMS, vol. 28(2), pages 80-98, April.
    7. Wang, Q. & Poh, K.L., 2014. "A survey of integrated decision analysis in energy and environmental modeling," Energy, Elsevier, vol. 77(C), pages 691-702.
    8. Kleijnen, Jack P. C. & Gaury, Eric, 2003. "Short-term robustness of production management systems: A case study," European Journal of Operational Research, Elsevier, vol. 148(2), pages 452-465, July.

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