Chapman, C.B. and Harwood, I.A.
Optimal risk mitigation and risk-taking
Cochran, James J. (eds.)
Wiley Encyclopedia of Operations Research and Management Science.
Full text not available from this repository.
Optimal risk mitigation and risk-taking requires optimal framing and working assumptions using an overall optimality concept. Working assumptions should be specific to the context addressed, but framing assumptions and basic tools should be common for all application areas. The role of all three should be keeping any formal analysis as simple as possible, but introducing complexity which pays whenever it pays. This article uses case study examples to illustrate key issues.
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