Using Principles of Risk Management and Engineering Reliability to Reduce Disaster Risks

Abstract:     
The 1990s were designated as the International Decade for Natural Disaster Reduction. Yet, almost ten years after the close of that decade, many issues remain unresolved about the nature of disasters and their impact on human beings, other life forms and the natural environment. There is the perception that disasters, of every kind, are not only becoming more frequent but are also becoming more costly and deadly in terms of their total impact on our world. Global climate change may be accelerating this trend. This study is concerned with the risk aspects of this subject. In particular, it looks at how principles of risk management and engineering reliability might be used to assess and manage disaster risks and how these principles offer guidance for the prevention of disasters and the mitigation of their effects.

Number of Pages in PDF File: 13

Keywords: analysis, calamity, disaster, diversification, engineering, environment, game theory, insurance, portfolio management, probability, public education, reliability, risk audit, risk identification, risk management, risk measurement, risk mitigation, risk prevention, society, sustainable development

JEL Classification: C00, D70, O20, O30, Q20, Z00

working papers series