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Decision Analysis and Risk Management Decision Making: Issues and Methods

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  • Vincent T. Covello

Abstract

This paper provides an overview of decision analysis and its use in risk management decision making. The paper discusses the distinctive characteristics of decision analysis and compares these characteristics with those of its principal alternative—cost–benefit analysis. The paper also discusses each of the steps in a decision analysis and the strengths and limitations of the method.

Suggested Citation

  • Vincent T. Covello, 1987. "Decision Analysis and Risk Management Decision Making: Issues and Methods," Risk Analysis, John Wiley & Sons, vol. 7(2), pages 131-139, June.
    • Handle: RePEc:wly:riskan:v:7:y:1987:i:2:p:131-139
    DOI: 10.1111/j.1539-6924.1987.tb00978.x
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    References listed on IDEAS

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    1. Jeffrey P. Krischer, 1980. "An Annotated Bibliography of Decision Analytic Applications to Health Care," Operations Research, INFORMS, vol. 28(1), pages 97-113, February.
    2. Vincent T. Covello & Jeryl Mumpower, 1985. "Risk Analysis and Risk Management: An Historical Perspective," Risk Analysis, John Wiley & Sons, vol. 5(2), pages 103-120, June.
    3. Miley W. Merkhofer & Ralph L. Keeney, 1987. "A Multiattribute Utility Analysis of Alternative Sites for the Disposal of Nuclear Waste," Risk Analysis, John Wiley & Sons, vol. 7(2), pages 173-194, June.
    4. Ronald A. Howard, 1980. "An Assessment of Decision Analysis," Operations Research, INFORMS, vol. 28(1), pages 4-27, February.
    5. M. Granger Morgan & Samuel C. Morris & Max Henrion & Deborah A. L. Amaral & William R. Rish, 1984. "Technical Uncertainty in Quantitative Policy Analysis — A Sulfur Air Pollution Example," Risk Analysis, John Wiley & Sons, vol. 4(3), pages 201-216, September.
    6. Detlof von Winterfeldt, 1982. "Setting Standards for Offshore Oil Discharges: A Regulatory Decision Analysis," Operations Research, INFORMS, vol. 30(5), pages 867-886, October.
    7. David C. Cox & Paul Baybutt, 1981. "Methods for Uncertainty Analysis: A Comparative Survey," Risk Analysis, John Wiley & Sons, vol. 1(4), pages 251-258, December.
    8. Ward Edwards & Detlof von Winterfeldt, 1987. "Public Values in Risk Debates," Risk Analysis, John Wiley & Sons, vol. 7(2), pages 141-158, June.
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    Cited by:

    1. Soumyadeb Chowdhury & Oscar Rodriguez-Espindola & Prasanta Dey & Pawan Budhwar, 2023. "Blockchain technology adoption for managing risks in operations and supply chain management: evidence from the UK," Annals of Operations Research, Springer, vol. 327(1), pages 539-574, August.
    2. Vicki Bier, 2020. "The Role of Decision Analysis in Risk Analysis: A Retrospective," Risk Analysis, John Wiley & Sons, vol. 40(S1), pages 2207-2217, November.

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