| dc.creator | Smith, Warwick | |
| dc.date | 2004-12-31 | |
| dc.identifier | https://bulletin.nzsee.org.nz/index.php/bnzsee/article/view/398 | |
| dc.identifier | 10.5459/bnzsee.37.4.149-155 | |
| dc.description | Risk management decisions often demand the allocation of scarce resources in mitigation of different hazards. A quantitative basis for decision-making can be provided by a detailed risk assessment, in which the current risk and those that obtain under proposed projects can be evaluated. The average annual loss, or expected value, is not a useful measure of extreme risk. The conditional expected value, calculated for a series of probability ranges, provides measures of the risk that can be assembled into a decision table so that informed decisions can be made. The conditional expected value can be calculated even when the losses are only available in terms of a cumulative probability function. | en-US |
| dc.format | application/pdf | |
| dc.language | eng | |
| dc.publisher | New Zealand Society for Earthquake Engineering | en-US |
| dc.relation | https://bulletin.nzsee.org.nz/index.php/bnzsee/article/view/398/380 | |
| dc.rights | Copyright (c) 2004 Warwick Smith | en-US |
| dc.rights | https://creativecommons.org/licenses/by/4.0 | en-US |
| dc.source | Bulletin of the New Zealand Society for Earthquake Engineering; Vol 37 No 4 (2004); 149-155 | en-US |
| dc.source | 2324-1543 | |
| dc.source | 1174-9857 | |
| dc.title | The decision support model for risk management | en-US |
| dc.type | info:eu-repo/semantics/article | |
| dc.type | info:eu-repo/semantics/publishedVersion | |
| dc.type | Article | en-US |
