The Failure of Risk Management: Why It's Broken and How to Fix It
- 4h 55m
- Douglas W. Hubbard
- John Wiley & Sons (US)
- 2009
An 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.
About the Author
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, the #1 bestseller in business math on Amazon. He has applied innovative risk assessment and risk management methods in government and corporations since 1994.
In this Book
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Preface
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Healthy Skepticism for Risk Management
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Risk Management: A Very Short Introduction to Where We've Been and Where (We Think) We Are
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How Do We Know What Works?
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The “Four Horsemen” of Risk Management: Some (Mostly) Sincere Attempts to Prevent an Apocalypse
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An Ivory Tower of Babel: Fixing the Confusion about Risk
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The Limits of Expert Knowledge: Why We Don't Know What We Think We Know about Uncertainty
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Worse Than Useless: The Most Popular Risk Assessment Method and Why It Doesn't Work
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Black Swans, Red Herrings, and Invisible Dragons: Overcoming Conceptual Obstacles to Improved Risk Management
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Where Even the Quants Go Wrong: Common and Fundamental Errors in Quantitative Models
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The Language of Uncertain Systems: The First Step Toward Improved Risk Management
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The Outward‐Looking Modeler: Adding Empirical Science to Risk
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The Risk Community: Intra‐ and Extraorganizational Issues of Risk Management
