"The Science and Practice of Risk Ranking" - B. Fischhoff, M.G. Morgan, Horizons, Vol. 10, No. 3, 2009.
Sound risk ranking is essential to effective risk management. Without it, small risks may receive unwarranted attention, while large ones are neglected. The challenges in ranking risks include the sheer number that need to be considered, the variety of ways to define “risk,” and the differences among stakeholders, regarding which consequences matter most. Addressing these challenges requires an understanding of risks, risk analysis, and decision-making processes. A practical approach is offered for producing sound, transparent, and credible risk rankings.
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