Describing Risk-Based Decision Making
In addition to participating in two forums in week seven, the final assignment is to complete a four to five page paper on risk-based decision making. What is risk-based decision making? Risk-based decision making is an organizational procedure that processes the likelihood of unwanted outcomes into a structured format to better help stakeholders make informed choices. This paper will draw upon the various lecture presentations from weeks one through seven, the class textbook and other applicable resources to more fully describe how risk-based decision making requires consideration of the following questions:
• Can risk be reduced?
• What are the interventions available to reduce risk?
• What combinations of controls make sense?
Can Risk Be Reduced
What is risk? Risk is not a peril, rather perils are the causes of risk. Perils should not be confused with hazards, which are contributing factors to perils. Broder and Tucker suggest that risk is limited to the uncertainty of financial loss, the variations between actual and expected results, or the probability that a loss has occurred or will occur (2012, p. 3). Risk is further classified as “speculative”, such as the potential for both loss and gain that exists in gambling, and “pure risk”, equating to any loss/no-loss situation to which insurability may apply. Risk can be further divided into how it applies to three common categories: personal (people assets), property (material assets) and liability (legal issues).
Can risk be reduced? Yes, risk can be reduced as part of the risk management process. There are general philosophies and specific tools and methods that can be employed to better manage the risk associated with the hazards facing a...
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...er, J., & Tucker, E. (2012). Risk analysis and the security survey (4th ed.). Waltham, MA: Butterworth-Heinemann.
Bullock, J., Haddow, G., & Coppola, D. (2013). Introduction to homeland security principles of all-hazards risk management. (4th ed.). Waltham, MA: Butterworth-Heinemann.
Haddow, G., Bullock, J., & Coppola, D. (2011). Introduction to emergency management (4th ed.). Burlington, MA: Butterworth Heinemann.
Braziel, C. (Director) (2014, January 6). Introduction to Risk Management Course. Risk Management - EMGT-4215. Lecture conducted from National Labor College, Silver Spring, MD.
National preparedness goal. (2011). Washington, D.C.: The U.S. Department of Homeland Security.
Tucker, G. (Director) (2014, January 6). Risk Management Powerpoint Week 1 Chapter 1 and 2. Risk Management - EMGT-4215. Lecture conducted from National Labor College, Silver Spring, MD.
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