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The Failure of Risk Management: Why It's Broken and How to Fix It
John Wiley and Sons Ltd, May 2009, Pages: 304
An essential guide to the calibrated risk analysis approach
The Failure of Risk Management is a book about a serious problem in the business of risk analysis and how to fix it. Basic analysis methods are unused or misapplied on major corporate and government decisions. This book shows how some of the most popular risk analysis methods are no better than astrology (they are not based on anything an actuary or statistician would recognize as a sound, quantitative analysis), how even some of the more quantitative analysis approaches use methods that systematically underestimate risk, how studies show that, when left to use their own instinct, business, government and the general public have completely unrealistic perceptions of risk. The other facet of this book is to explain how every one of these problems can be corrected by using methods that are already proven and applied successfully in other areas of business and government.
Praise for the Report:
Douglas W. Hubbard (Glen Ellyn, IL) is the inventor of Applied Information Economics (AIE) and the author of Wiley's How to Measure Anything: Finding the Value of Intangibles in Business (978-0-470-11012-6), the #1 bestseller in business math on Amazon. He has applied innovative risk assessment and risk management methods in government and corporations since 1994.
'Doug Hubbard, a recognized expert among experts in the field of risk management, covers the entire spectrum of risk management in this invaluable guide. There are specific value-added take aways in each chapter that are sure to enrich all readers including IT, business management, students, and academics alike'
—Peter Julian, former chief-information officer of the New York Metro Transit Authority. President of Alliance Group consulting
'In his trademark style, Doug asks the tough questions on risk management. A must-read not only for analysts, but also for the executive who is making critical business decisions.'
—Jim Franklin, VP Enterprise Performance Management and General Manager, Crystal Ball Global Business Unit, Oracle Corporation.
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