ABSTRACT
This chapter has the objective of preparing readers for the rest of the book by developing working knowledge of risk terminology, analysis, quantification and management, and is followed by a series of chapters that cover the subject from system definition to probability estimation to consequence analysis and valuation, followed by the engineering economics and risk control, and end with data needs and sources. This chapter introduces the terminology and methods for performing risk analysis, management, and communication. It starts by defining risk and its dimensions, risk assessment processes, and fundamental analytical tools necessary for this purpose. The practical uses of these methods are illustrated to enhance the understanding of potential applications and limitations. The chapter is designed as a stand-alone, introductory primer to risk analysis and management.
