Consequence-based Risk Management
The MAE Center has put forward the innovative Consequence-based Risk Management (CRM) framework that explicitly emphasis the societal impacts of hazards for the development of effective decision support systems. “The intent […] is to provide practicing engineers with a new framework for minimizing losses due to property damage, human life and business interruption that implicitly considers system-related losses when prescribing mitigation actions.” Abrams et al. (2004).
CRM identifies the modeling uncertainty and quantifies the risks to societal systems, with the aim of improving policy and decision-making by providing a more accurate and comprehensive assessment of the likely societal impact of hazards.