Quantitative risk matrices

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Demonstrates an effective method for quantifying consequences and likelihoods of risks, as well as for combining these assessments. Different kinds of risks are examined: death, injury and illness; economic; social; environmental; symbolic; external; and reputational. The authors show how these can be rated and combined, allowing for a rich appraisal of a wide range of situations. It therefore becomes possible to construct much more sophisticated and quantified risk matrices to assist decision-making about allocation of resources and other responses. The chapter also shows that many of the qualitative methods currently in use are open to subjective and inconsistent interpretations. 

Reference: Jarrett, Richard and Westcott, Mark. (2010). Quantitative Risk. In G. Bammer (Ed.), Dealing with Uncertainties in Policing Serious Crime (pp. 67-85). ANU E-Press: Canberra, Australia. Full text of the book online at: http://press.anu.edu.au/publications/dealing-uncertainties-policing-serious-crime. Specific chapter at: http://press-files.anu.edu.au/downloads/press/p100761/pdf/ch0420.pdf (PDF 356KB).

Posted: September 2011
Last modified: June 2015