Risk Analysis in Engineering and Economics

Risk Analysis in Engineering and Economics

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More than any other book available, Risk Analysis in Engineering and Economics introduces the fundamental concepts, techniques, and applications of the subject in a style tailored to meet the needs of students and practitioners of engineering, science, economics, and finance. Drawing on his extensive experience in uncertainty and risk modeling and analysis, the author leads readers from the fundamental concepts through the theory, applications, and data requirements, sources, and collection. He emphasizes the practical use of the methods presented and carefully examines the limitations, advantages, and disadvantages of each. Case studies that incorporate the techniques discussed offer a practical perspective that helps readers clearly identify and solve problems encountered in practice. If you deal with decision-making under conditions of uncertainty, this book is required reading. The presentation includes more than 300 tables and figures, more than 100 examples, many case studies, and a wealth of end-of-chapter problems. Unlike the classical books on reliability and risk assessment, this book helps you relate underlying concepts to everyday applications and better prepares you to understand and use the methods of risk analysis.show more

Product details

  • Hardback | 600 pages
  • 154.94 x 223.52 x 35.56mm | 975.22g
  • Taylor & Francis Inc
  • Chapman & Hall/CRC
  • Boca Raton, FL, United States
  • English
  • 179 black & white illustrations, 25 black & white tables, 4 black & white halftones
  • 1584883952
  • 9781584883951

Review quote

"This book ambitiously tackles risk analysis from the ground up . This encyclopedic text will be an excellent reference for individuals studying in a variety of risk-related disciplines. I found [the examples] enlightening, and they are likely to be attractive to students approaching risk studies form a variety of substantive backgrounds. [A]dvanced students are likely to find Ayyub's treatments of some topics to be exceedingly valuable." - Journal of the American Statistical Association, June 2004, Vol. 99, No. 466 "[This book] is a good textbook and reference. The mix of engineering and economics is well balanced. [V]aluable for students after college and useful for professional engineers." - Technometrics, August 2004, Vol. 46, No. 3show more

Table of contents

INTRODUCTION Societal Needs Risk Analysis Methods System Framework Knowledge and Ignorance Exercise Problems RISK ANALYSIS METHODS Introduction Risk Terminology Risk Assessment Risk Management and Control Risk Communication Exercise Problems SYSTEM DEFINITION AND STRUCTURE Introduction System Definition Models Hierarchical Definitions of Systems System Complexity Exercise Problems RELIABILITY ASSESSMENT Introduction Analytical Performance-Based Reliability Assessment Empirical Reliability Analysis Using Life Data Bayesian Methods Reliability Analysis of Systems Exercise Problems FAILURE CONSEQUENCES AND SEVERITIES Introduction Analytical Consequence and Severity Assessment Real Property Damage Loss of Human Life Injuries Indirect Losses Public Health and Ecological Damages Exercise Problems ENGINEERING ECONOMICS AND FINANCE Introduction Fundamental Economic Concepts Cash Flow Diagrams Interest Formulae Economic Equivalence Involving Interest Economic Equivalence Involving Inflation Economic Analysis of Alternatives Exercise Problems RISK CONTROL METHODS Introduction Philosophies of Risk Control Risk Aversion in Investment Decisions Risk Homeostasis Insurance for Loss Control and Risk Transfer Benefit-Cost Analysis Risk-based Maintenance Management Exercise Problems DATA FOR RISK STUDIES Introduction Data Sources Databases Elicitation of Expert Opinions Model Modification Based on Available Data Failure Data Sources Exercise Problems Appendix A. Fundamentals of Probability and Statistics Appendix B. Failure Data References and Bibliography Subject Indexshow more