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Life-Cycle Infrastructure Risk Management : R&D Needs (Thought ...
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Topic: Risk Management
Sort Desciption: This paper presents infrastructure risk management as a holistic framework ... define a full life-cycle of integrated risk management options that beg for ...
Content Inside: Columbia-Wharton/Penn Roundtable on Risk Management Strategies in an Uncertain World April 12-13 2002 IBM Palisades Executive Conference Center Palisades New York Life-Cycle Infrastructure Risk Management : R&D Needs (Thought Piece Do Not Quote or Copy) Miriam Heller Ph.D. Program Director Civil Infrastructure and Information Systems National Science Foundation USA Tel: +01.703.292.8360 Email: mheller@nsf.gov Summary: Assessing and managing risk to our Civil Infrastructure Systems became a high profile matter as a result of the September 11 2001 terrorist attacks. Mission-based reactive agencies have had to focus a great deal of their efforts on recovery efforts and countering terrorism. Yet US Civil Infrastructure is equally and possibly more vulnerable to threats of natural accidental and technological origin as well as to the slow but steady failures due to deterioration and neglect. This paper presents infrastructure risk management as a holistic framework defined by a range of intervention options from which an infrastructure asset portfolio could be envisioned. Some options aim to reduce the risks posed by these threats either through mitigation measures and improved design; others focus on correction reactive risk management and response. A broad research question is how to allocate resources over this range of options over various stages of development (R&D development implementation) and over time especially accounting for the multi- objective multi-stakeholder nature of the decisions. This will among other things entail quantifying the risks both pre- and post-event associated with the investment which given the low probability of some extreme events i.e. overwhelming uncertainty offers still more fertile areas for research. Background Not too long after the Twin Towers of the World Trade Center (WTC) collapsed on September 11 2001 the valueand the vulnerabilityof US critical infrastructure skyrocketed in the public eye. All eigh ...
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