Chapman and Hall/CRC
640 pages | 200 B/W Illus.
Risk Analysis in Engineering and Economics is required reading for decision making under conditions of uncertainty. The authordescribes 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 covers everything from basic theory and key computational algorithms to data needs, sources, and collection. He emphasizes practical use of the methods presented and carefully examines the limitations, advantages, and disadvantages of each to help readers translate the discussed techniques into real-world solutions.
This Second Edition:
Unlike the classical books on reliability and risk management, Risk Analysis in Engineering and Economics, Second Edition relates underlying concepts to everyday applications, ensuring solid understanding and use of the methods of risk analysis.
Praise for the First Edition
"This book ambitiously tackles risk analysis from the ground up. … an excellent reference for individuals studying in a variety of risk-related disciplines. … enlightening [examples]…attractive to students approaching risk studies from a variety of substantive backgrounds. … Advanced students are likely to find Ayyub's treatments…exceedingly valuable."
—Journal of the American Statistical Association, June 2004, Vol. 99, No. 466
"… a good textbook and reference. The mix of engineering and economics is well balanced. … Valuable for students after college and useful for professional engineers."
—Technometrics, August 2004, Vol. 46, No. 3
Praise for the Second Edition
"… one of a kind in the market. … I am not aware of books that cover the subject in as comprehensive a manner."
—Professor Nii O. Attoh-Okine, University of Delaware, Newark, USA
Knowledge and Ignorance
Risk Analysis Methods
Risk Management and Control
System Definition and Structure
System Definition Models
Hierarchical Definitions of Systems
Analytical Performance-Based Reliability Assessment
Empirical Reliability Analysis Using Life Data
Reliability Analysis of Systems
Failure Consequences and Severity
Analytical Consequence and Severity Assessment
Real Property Damage
Loss of Human Life
Public Health and Ecological Damages
Engineering Economics and Finance
Fundamental Economic Concepts
Economic Equivalence Involving Interest
Economic Equivalence and Inflation
Economic Analysis of Alternatives
Risk Control Methods
Philosophies of Risk Control
Risk Aversion in Investment Decisions
Insurance for Loss Control and Risk Transfer
Risk-Based Maintenance Management
Data for Risk Studies
Model Modification Based on Available Data
Failure Data Sources
Fundamentals of Probability and Statistics
Sample Spaces, Sets, and Events
Mathematics of Probability
Random Variables and Their Probability Distributions
References and Bibliography