Recently in a SEED group paper discussion, we re-visited the words of Stan Kaplan in his 1997 "The Words of Risk Analysis." This is a transcript of a plenary lecture delivered to an Annual Meeting of the Society for Risk Analysis. SEED Ph.D. student Vikram Rao presents some highlights from this article that I'm sure you'll enjoy as well.
I enjoyed the Kaplan article. I liked how it was written in an informal style which helped the article flow well and was easy to understand. It was a good introduction to risk analysis. It asked the three questions needed for a risk assessment – What can happen?, How likely is it?, and What are the consequences? These constitute the risk triplet. The diagrams were helpful, especially the dose response curve and the evidenced based approach. And the diagrams that explained the decision making process with QRA were especially useful to get an overview of the whole process.
We need to recognize that risk assessments are going to be a bigger part of our decision making process considering the complexity of systems today. Systems such as aircraft, cars, and microprocessors have so many parts that the complexity is even bigger than before. Mitigating risks is a key to having successful complex systems. We need to be able to identify risks and have strategies for overcoming them. We can do this by eliciting expert opinions, doing simulations, and increasing our knowledge base.
We also see the rise in risks that have consequences on a national and global scale, such as global warming and climate change. By recognizing that effective risk mitigating strategies have vast importance today we can prepare ourselves well for the challenges of the future.