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Risk management: A systems paradigm

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  • A. G. Hessami

Abstract

The management of risks arising from products, systems, projects, or business undertakings is a broad subject. The fundamental tenets of risk management is anticipation/forecasting and timely prevention or mitigation against all undesirable safety, commercial, and potentially environmental facets in a given context. In practice, given the potential for failures and loss posed by advancing technologies and complexity in the world around us, the discipline of risk management has not evolved to cope with the enormous challenges posed. This paper proposes a rational and structured approach to this largely subjective discipline, based on emergent properties of a system of principles. It is argued that systematic risk management also constitutes a fundamental and potent component of the safety case regime in vogue today. © 1999 John Wiley & Sons, Inc. Syst Eng 3: 156–167, 1999

Suggested Citation

  • A. G. Hessami, 1999. "Risk management: A systems paradigm," Systems Engineering, John Wiley & Sons, vol. 2(3), pages 156-167.
  • Handle: RePEc:wly:syseng:v:2:y:1999:i:3:p:156-167
    DOI: 10.1002/(SICI)1520-6858(1999)2:33.0.CO;2-H
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    Cited by:

    1. Robert G. Bea, 2002. "Human and Organizational Factors in Reliability Assessment and Management of Offshore Structures," Risk Analysis, John Wiley & Sons, vol. 22(1), pages 29-45, February.
    2. Barone, Giorgio & Frangopol, Dan M., 2014. "Reliability, risk and lifetime distributions as performance indicators for life-cycle maintenance of deteriorating structures," Reliability Engineering and System Safety, Elsevier, vol. 123(C), pages 21-37.
    3. Scott Gunderson, 2005. "A review of organizational factors and maturity measures for system safety analysis," Systems Engineering, John Wiley & Sons, vol. 8(3), pages 234-244, September.
    4. James H. Lambert & Benjamin L. Schulte & Priya Sarda, 2005. "Tracking the complexity of interactions between risk incidents and engineering systems," Systems Engineering, John Wiley & Sons, vol. 8(3), pages 262-277, September.
    5. Nathan J. Slegers & Ronald T. Kadish & Gary E. Payton & John Thomas & Michael D. Griffin & Dan Dumbacher, 2012. "Learning from failure in systems engineering: A panel discussion," Systems Engineering, John Wiley & Sons, vol. 15(1), pages 74-82, March.
    6. Casey Eaton & Amanda Banks & Kristin Weger & Bryan Mesmer & Robert Moreland, 2023. "Understanding perceived influencers on project outcomes and quantifying disciplinary similarities in academic literature," Systems Research and Behavioral Science, Wiley Blackwell, vol. 40(3), pages 460-487, May.

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