"Risk Management: With Applications from the Offshore Petroleum Industry" by Terje Aven, Jan Erik Vinnem (Repost)

This book is about making decisions in the face of risks and uncertainties. The book presents an in-depth discussion of some fundamental principles of risk management, related to the use of expected values, uncertainty handling and risk acceptance criteria.

Risk management is a decision-making process which considers political, social, economic and engineering factors with relevant risk assessments relating to a potential hazard in order to develop, analyse and compare options to facilitate the selection of the optimal regulatory response for safety from that hazard. Rapid technological developments, organisational changes and increased demand for efficiency have all influenced the vulnerability of our society. As a result, safety and risk management is becoming an increasingly important field.
A decision framework for risk management is developed that provides a structure for the classification of risk decision problems and a procedure for the execution of the related decision-making processes. Several examples from the offshore petroleum industry are included to illustrate the use of the framework, but it can also be applied in other areas.

Contents
1 Introduction
2 Risk Management Principles and Methods – Review and Discussion
3 A Risk Management Framework for Decision Support under Uncertainty
4 Applications – Concept Optimisation
5 Applications – Operations Phase
6 Applications – Choice of Disposal Alternative
7 Applications – Risk Indicators, National Level
8 The Success Factors – Discussion
Appendices
References
Index

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