Risky Business: Analysis from an Engineering Perspective

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Author(s): Elisabeth Paté-Cornell
Organization(s): Stanford University
Date Published: 1/27/2010
Source: Stanford Technology Ventures Program
Don't set sail without thinking first: this sage advice sums up risk analysis for Elisabeth Paté-Cornell, department chair of Management Science and Engineering at Stanford University. She explains that risk assessment involves the study of scenarios, probabilities, and consequences. A risk analyst uses logic and statistics to makes sense of uncertainties and provides possible solutions to derail disaster. While some events force quick thinking, most can be avoided with a little forethought. After all, she simplifies: risk analysis isn't just nuclear reactors, it's also real life.

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