Book Review: Breakthroughs in Decision Science and Risk Analysis
Wiley; Wiley.com; 328 pages; $130.
Decision and risk analysis is the discipline comprising the philosophy, theory, methodology, and professional practice necessary to address important decisions in a formal manner. It includes many procedures, methods, and tools for identifying, clearly representing, and formally assessing important aspects of a decision.
In Breakthroughs in Decision Science and Risk Analysis, Dr. Louis Anthony Cox and 14 contributors have written a valuable text that describes the current state and recent advances in decision and risk analysis. Besides addressing breakthroughs in the psychology and brain science of risky decisions, it also includes methods for deciding what actions to take when information is sparse and useful probabilities cannot be determined.
Written for the decision and risk analysis professional, it is in no way an introduction to the topic. The authors cover the various elements that make up the discipline, including psychology, economics, statistics, engineering, and more.
Numerous discussions explain how decision and risk analysis can be applied to make better policy and management decisions, using empirical evidence, as opposed to gut feelings. Those in the field will find this a valuable reference.
Reviewer: Ben Rothke, CISSP (Certified Information Systems Security Professional), PCI QSA (Qualified Security Assessor), is a principal eGRC consultant with the Nettitude Group.