Accession Number : ADP002317

Title :   Risk Management in a Multiobjective Decision-Making Framework,

Corporate Author : CASE INST OF TECH CLEVELAND OHIO

Personal Author(s) : Haimes,Y. Y.

Report Date : 15 JUL 1983

Pagination or Media Count : 5

Abstract : The thesis of this paper is grounded on the premise that the analysis of risk and uncertainty-and ultimately the management of risk-can be meaningful and effective only when considered as an integral part of the decision-making process. Five major elements or steps that encompass the risk assessment process-risk identification, risk quantification, risk evaluation, risk acceptance and risk management-are discussed. The risk assessment is shown to ultimately lend itself to a multiobjective decision-making process. The surrogate worth trade-off method (a multiobjective optimization method) and four risk assessment methodologies-the multiobjective statistical method, the partitioned multiobjective risk method the risk/dispersion index method and the uncertainty/sensitivity index method are briefly discussed. (Author)

Descriptors :   *Decision making, *Risk, *Statistical processes, Methodology, Systems engineering

Distribution Statement : APPROVED FOR PUBLIC RELEASE