New Findings on Risk Management Discussed by Researchers at University of Illinois – Urbana-Champaign (A Reliability-Based Capability Approach)

Insurance Weekly News

By a News Reporter-Staff News Editor at Insurance Weekly News -- New research on Risk Management is the subject of a report. According to news originating from Urbana, Illinois, by VerticalNews correspondents, research stated, "This article proposes a rigorous mathematical approach, named a reliability-based capability approach (RCA), to quantify the societal impact of a hazard. The starting point of the RCA is a capability approach in which capabilities refer to the genuine opportunities open to individuals to achieve valuable doings and beings (such as being mobile and being sheltered) called functionings."

Financial support for this research came from MAE Center: Creating a Multi-Hazard Approach to Engineering at the University of Illinois at Urbana-Champaign.

Our news journalists obtained a quote from the research from the University of Illinois - Urbana-Champaign, "Capabilities depend on what individuals have and what they can do with what they have. The article develops probabilistic predictive models that relate the value of each functioning to a set of easily predictable or measurable quantities (regressors) in the aftermath of a hazard. The predicted values of selected functionings for an individual collectively determine the impact of a hazard on his/her state of well-being. The proposed RCA integrates the predictive models of functionings into a system reliability problem to determine the probability that the state of well-being is acceptable, tolerable, or intolerable. Importance measures are defined to quantify the contribution of each functioning to the state of well-being."

According to the news editors, the research concluded: "The information from the importance measures can inform decisions on optimal allocation of limited resources for risk mitigation and management."

For more information on this research see: A Reliability-Based Capability Approach. Risk Analysis, 2017;():. (Wiley-Blackwell - www.wiley.com/; Risk Analysis - onlinelibrary.wiley.com/journal/10.1111/(ISSN)1539-6924)

The news correspondents report that additional information may be obtained from A. Tabandeh, Dept. of Civil and Environmental Engineering, MAE Center: Creating a Multi-Hazard Approach to Engineering, University of Illinois at Urbana-Champaign, Urbana, IL, United States. Additional authors for this research include P. Gardoni and C. Murphy.

Keywords for this news article include: Urbana, Illinois, United States, Risk Management, North and Central America.