The Failure of Risk Management: Why It's Broken and How to Fix ItAn essential guide to the calibrated risk analysis approach The Failure of Risk Management takes a close look at misused and misapplied basic analysis methods and shows how some of the most popular "risk management" methods are no better than astrology! Using examples from the 2008 credit crisis, natural disasters, outsourcing to China, engineering disasters, and more, Hubbard reveals critical flaws in risk management methods–and shows how all of these problems can be fixed. The solutions involve combinations of scientifically proven and frequently used methods from nuclear power, exploratory oil, and other areas of business and government. Finally, Hubbard explains how new forms of collaboration across all industries and government can improve risk management in every field. Douglas W. Hubbard (Glen Ellyn, IL) is the inventor of Applied Information Economics (AIE) and the author of Wiley's How to Measure Anything: Finding the Value of Intangibles in Business (978-0-470-11012-6), the #1 bestseller in business math on Amazon. He has applied innovative risk assessment and risk management methods in government and corporations since 1994. "Doug Hubbard, a recognized expert among experts in the field of risk management, covers the entire spectrum of risk management in this invaluable guide. There are specific value-added take aways in each chapter that are sure to enrich all readers including IT, business management, students, and academics alike" "In his trademark style, Doug asks the tough questions on risk management. A must-read not only for analysts, but also for the executive who is making critical business decisions." |
From inside the book
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... ACTUARIES WAR QUANTS: HOW WORLD WAR II CHANGED RISK ANALYSIS FOREVER ECONOMISTS MANAGEMENT CONSULTING: HOW A POWER TIE AND A GOOD PITCH CHANGED RISK MANAGEMENT COMPARING THE HORSEMEN MAJOR RISK MANAGEMENT PROBLEMS TO BE ADDRESSED NOTES ...
... actuarial science), as well as any English dictionary or even how the lay-public uses the term (see the box below). DEFINITION. OF. RISK. Long definition: The probability and magnitude of a loss, disaster, WHAT COUNTS AS RISK MANAGEMENT.
... actuary or statistician might not call this a risk analysis?” At this point, I sensed the questions were more like brow-beating than being helpful. I then suggested to the presenter that the engineers in this field could be as ...
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Contents
How Do We Know What Works? | |
Some Mostly | |
PITCH CHANGED RISK MANAGEMENT | |
Fixing the Confusion about Risk | |
Why We Dont Know What | |
BUT NOT HERE | |
SURVEY OF MONTE CARLO USERS | |
WHERES THE SCIENCE? THE LACK OF EMPIRICISM IN RISK | |
The First Step Toward | |
DECOMPOSING RISK WITH MONTE | |
Adding Empirical Science | |
Intra and Extraorganizational Issues | |
INCENTIVES FOR A CALIBRATED CULTURE | |
OVERCONFIDENCE | |
The Most Popular Risk Assessment | |
HURT | |
Overcoming | |
APPENDIX Additional Calibration Tests and Answers | |
Index | |
Other editions - View all
The Failure of Risk Management: Why It's Broken and How to Fix It Douglas W. Hubbard Limited preview - 2009 |
The Failure of Risk Management: Why It's Broken and how to Fix it Douglas W. Hubbard No preview available - 2009 |