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Improving Homeland Security Decisions by Detlof von Winterfeldt, Milind Tambe, Ali E. Abbas

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11 Risk-Informed Benefit-Cost Analysis

Scott Farrow

11.1 Introduction

Many government organizations seek risk-informed decisions. Evaluating and managing risk is clearly central to the mission of some agencies such as the Environmental Protection Agency (EPA) or the U.S. Department of Homeland Security (DHS). Risks clearly exist behind numerous governmental issues such as the financial viability of Medicare or the management of offshore oil and gas resources. However, the risk assessment community has tended to separate itself from management issues by attempting to draw a line between the scientific aspects of risk assessment and the management of risk.

Managers, however, request analytical metrics to inform their decisions that often aggregate, ...

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