Open Daily: 10am - 10pm | Alley door pickup 10am - 7pm 3038 Hennepin Ave Minneapolis, MN
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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
Probabilistic Risk Analysis and Bayesian Decision Theory

Probabilistic Risk Analysis and Bayesian Decision Theory

Van Oijen, Marcel
Brewer, Mark

Paperback

Series: Springerbriefs in Statistics

Medical ReferenceGeneral ScienceProbability & Statistics

ISBN10: 303116332X
ISBN13: 9783031163326
Publisher: Springer
Published: Nov 24 2022
Pages: 114
Weight: 0.42
Height: 0.28 Width: 6.14 Depth: 9.21
Language: English
The book shows how risk, defined as the statistical expectation of loss, can be formally decomposed as the product of two terms: hazard probability and system vulnerability. This requires a specific definition of vulnerability that replaces the many fuzzy definitions abounding in the literature. The approach is expanded to more complex risk analysis with three components rather than two, and with various definitions of hazard. Equations are derived to quantify the uncertainty of each risk component and show how the approach relates to Bayesian decision theory. Intended for statisticians, environmental scientists and risk analysts interested in the theory and application of risk analysis, this book provides precise definitions, new theory, and many examples with full computer code. The approach is based on straightforward use of probability theory which brings rigour and clarity. Only a moderate knowledge and understanding of probability theory is expected from the reader.

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