Risk Management – Aven Vinnem

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This book presents a risk management framework designed to achieve better decisions and more desirable outcomes. It presents an in-depth discussion of some fundamental principles of risk management related to the use of expected values, uncertainty handling, and risk acceptance criteria. Several examples from the offshore petroleum industry are included to illustrate the use of the framework, but it can also be applied in other areas.

MEDIA REVIEWS

From the reviews:

“This book is about making decisions in the face of risks and uncertainties and they outline the challenges that go with this process of decision making. … has come around successfully in presenting its theme, theories and applications of risk management, more so to an off-shore gas and oil industry and would like to recommend to all risk analysts and managers. … would also be found useful by the students and teachers at universities in pursuing or teaching a risk management course.” (Krishna B. Misra, International Journal of Performability Engineering, Vol. 4 (3), 2008)

“‘Risk Management: with Applications from the offshore Petroleum Industry’ … is about how the offshore oil and gas sector should assess, manage and tackle risk of an offshore installation’s complete life cycle from predesign to final decommissioning and disposal in the world’s tempestuous seas. … For the industry’s practitioners, it provides a ready-made decision making framework in which to tackle decision making in high risk environments … . This book should prove essential reading for the industry’s decision makers … .” (Nicholas Newman, Oxford Prospect, September, 2010)