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Speaker: Mike Allocco

Duration: 60 Minutes
Product Code: 700036
Level: Intermediate

Decision Analysis and Risk Management Applications

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In the evaluation of risk in support of safety management systems decision making models can be applied. There is a need to evaluate complex risks by integrating many factors and applying considerations in a logistical and consistent way. This presentation presents a basic decision analysis method that can enable the evaluation and integration of complex risks within any system. At the conclusion of the discussion additional decision analysis methods will be highlighted.

Why Should You Attend

Various safety professionals that are interested in applying decision analysis methods in solving safety-related problems; including implementing various methods in support of risk management; such professionals as: risk managers, safety directors and managers, safety engineers, compliance engineers, and risk analysts.

Areas Covered in this Webinar

Formal methods are applied in system management to aid in safety-related decision-making. This field of work is referred to decision theory or decision analysis. The techniques are used to determine optimal strategies when a decision-maker is faced with several decision alternatives and uncertain or risky future events. The application of decision analysis is extensive and approaches vary from the construction of tables, decision trees, and to the use of extensive decision analysis within computer applications and modeling.

Learning Objectives

  • Participants will gain an understanding for
    • Decision analysis methods and how these methods are applied within safety management system.
    • A basic decision analysis method is discussed in a context of solving operational-related problems associated with changes in systems.
    • To accomplish integration decision analysis matrix will be shown and discussed.
    • A review of appropriate decision analysis tools will be presented.

Who Will Benefit

Anyone interested is applying decision analysis to solve safety-related problems in support of risk management.

Speaker Profile

Mike Allocco, PE, CSP, is a Fellow in the International System Safety Society and current former Director of Mentoring, Research and Development. Mike is a professional member of ASSE. He had been involved in system safety, safety engineering, and safety management since 1976. He has conducted system safety engineering on diverse complex systems for DOT, DOD, DOE, NASA, and general industry. Mike is the author of Safety Analyses of Complex Systems: Considerations of Software, Firmware, Hardware, Human, and the Environment, Wiley, 2010 and coauthor (with Dev Raheja) of Assurance Technologies Principles and Practices: A Product, Process, and System Safety Perspective, Second Edition, Wiley, 2006.

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Product ID:700036
Duration: 60 Minutes

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