AWWA ACE61674 Selecting Treatment Alternatives to Minimize Risks Using REGRETS Analysis

Conference Proceeding by American Water Works Association, 06/17/2005

Bishop, Mark M.; Cromwell, John; Valade, Matt; Cotton, Christine; Joshi, Roopesh

Full Description

This paper discusses regrets analysis, a technique devised specifically for situationswhere it is not possible to get risk assessment to yield a definitive answer because ofinherent difficulties in quantifying the factors contributing to the risks involved. Regrets analysis addresses the decision-maker's natural fear of doingsomething wrong that will cause more harm than good in this type of ill-informedsituation.The procedure begins with recognition that we at least know the costs of thealternative actions we can take to minimize risks. Beyond that, we even knowimportant things about the comparative effectiveness of the alternative actions wecan take to reduce risks. With that much information it is possible to look across allthe possibilities and evaluate how the decision choices compare in terms of the costof being wrong. The paper discusses an example of regrets analysis, using regrets analysis as a decision making tool, and an example of regrets as a multiple barrier assessment tool. Includes table, figure.

Product Details

Edition: Vol. - No. Published: 06/17/2005 Number of Pages: 8