IDEAS home Printed from https://ideas.repec.org/a/pal/jorsoc/v51y2000i12d10.1057_palgrave.jors.2601034.html
   My bibliography  Save this article

Structured risk management: filling a gap in decision analysis education

Author

Listed:
  • K Chelst

    (Wayne State University)

  • S E Bodily

    (University of Virginia)

Abstract

Risk management is a standard management tool that does not generally appear in decision analysis textbooks nor is it explicitly cited as part of the standard decision-analysis paradigm. In contrast, risk management articles and books describe how decision trees can be used to evaluate specific risk management strategies. In this paper we describe a series of steps that should be a routine part of every decision tree analysis. They are designed to assess the expected value of developing a risk management strategy with regard to different aspects of uncertainty. The method is intended to trigger a focused brainstorming session to search for specific strategies to manage targeted risks. The procedure adds structure to the value-enhancing dimension of decision analysis that creates new strategies with less risk and higher expected values. The material presented here can easily be incorporated into even an overview of decision analysis in a survey class of operational research.

Suggested Citation

  • K Chelst & S E Bodily, 2000. "Structured risk management: filling a gap in decision analysis education," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 51(12), pages 1420-1432, December.
    • Handle: RePEc:pal:jorsoc:v:51:y:2000:i:12:d:10.1057_palgrave.jors.2601034
    DOI: 10.1057/palgrave.jors.2601034
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1057/palgrave.jors.2601034
    File Function: Abstract
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1057/palgrave.jors.2601034?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Soumyadeb Chowdhury & Oscar Rodriguez-Espindola & Prasanta Dey & Pawan Budhwar, 2023. "Blockchain technology adoption for managing risks in operations and supply chain management: evidence from the UK," Annals of Operations Research, Springer, vol. 327(1), pages 539-574, August.
    2. M Pidd, 2010. "Why modelling and model use matter," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 61(1), pages 14-24, January.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:jorsoc:v:51:y:2000:i:12:d:10.1057_palgrave.jors.2601034. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave-journals.com/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.