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Decisions in Risk and Reliability: An Explanatory Perspective

Author

Listed:
  • Antonio Pievatolo

    (CNR IMATI, Via Alfonso Corti 12, 20133 Milano, Italy)

  • Fabrizio Ruggeri

    (CNR IMATI, Via Alfonso Corti 12, 20133 Milano, Italy)

  • Refik Soyer

    (Department of Decision Sciences, George Washington University, Washington, DC 20052, USA)

  • Simon Wilson

    (School of Computer Science & Statistics, Trinity College Dublin, Dublin, Ireland)

Abstract

The paper discusses issues that surround decisions in risk and reliability, with a major emphasis on quantitative methods. We start with a brief history of quantitative methods in risk and reliability from the 17th century onwards. Then, we look at the principal concepts and methods in decision theory. Finally, we give several examples of their application to a wide variety of risk and reliability problems: software testing, preventive maintenance, portfolio selection, adversarial testing, and the defend-attack problem. These illustrate how the general framework of game and decision theory plays a relevant part in risk and reliability.

Suggested Citation

  • Antonio Pievatolo & Fabrizio Ruggeri & Refik Soyer & Simon Wilson, 2021. "Decisions in Risk and Reliability: An Explanatory Perspective," Stats, MDPI, vol. 4(2), pages 1-23, March.
    • Handle: RePEc:gam:jstats:v:4:y:2021:i:2:p:17-250:d:524624
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    References listed on IDEAS

    as
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