The events contributing to the global financial crisis and the Gulf of Mexico oil spill appear to represent cataclysmic failures of risk management within some of the most technologically capable organizations. In retrospect, even the most basic OR analysis should have avoided these disasters and...

The welfare of our society depends on effective assessment and management of risks to our most critical infrastructure systems. Currently fashionable probabilistic risk assessment estimates expected loss value, where the consequence of an "event" is measured in, e.g., economic replaceme...