ADMS 3701 Study Guide - Final Guide: Risk Assessment, Geomagnetic Storm, Cost Overrun

• School: York University
• Department: Administrative Studies
• Course: ADMS 3701
• Professor: all

Document Summary

Purpose of hazard risk and vulnerability analysis: make informed choices to address vulnerabilities, mitigate impacts of hazard, prepare for response to hazard events, recovery from hazard events. Objective risk and perceived risk assessment: based on scientific data, tools, and methods, individuals personal perception of threat and intuition. Defining risk: risk = hazard x elements at risk x vulnerability, risk(r) = probability x loss. Return period (recurrence interval) (tr) = n+1/m: n = number of records (number of years of data, m = rank (1 being highest) Phase of analysis risk assessment process: risk identification, risk estimation, risk evaluation, event monitoring (statistical inferences, magnitude/frequency (economic costs, cost/benefit analysis (community policy) Phase of analysis risk perception process: risk identification, risk estimation, risk evaluation, personal awareness, personal experiences, personality factors. Perceinved risk consequences in standard risk formula: risk = p x lx, where x is a power that depends on several factors. Risk aversion factor: risk = p x l x f(x)