Document Type

Closed Project

Publication Date

Winter 1994

Course Title

Independent Study

Course Number

EMGT 606


This paper presents a literature review on risk analysis. Risk has been defined in different ways, depending on the decision making context. Risk measurement is usually done through probability assessments and subjective judgments, either by the decision makers or by experts. These are explored, together with the concept of uncertainty and the different decision making tool used in risk analysis. Decision analysis, utility theory, multiattribute utility theory, and the analytic hierarchy process are the most widely used risk assessment techniques used. There is a need to assess the actual use of risk assessment techniques. A survey designed to evaluate the usage of such techniques among companies in different industries is recommended.


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