Development of an analytic basis for performing all-hazards risk management

Abstract

Over the past decade, catastrophic events such as the World Trade Center attacks, Hurricane Katrina, and the Minneapolis bridge collapse have affected societal perception of the risks affecting our lives. It has also led to the realization that a more systematic and holistic approach to risk management is needed, one that takes into consideration the risks and potential mitigation strategies associated with natural hazards, man-made accidents, and intentional acts in an integrated all-hazards risk management (AHRM) framework. This would enable the risk manager to prioritize among risks and to make more effective resource allocation and policy decisions. This dissertation includes the development of an AHRM methodology, quantification of risks posed by various hazards, development of a functional relationship between risk mitigation investment and risk reduction, defining and solving an all-hazards risk mitigation resource allocation optimization problem, and application of the methodology to a case study region. Directions for further research are also provided.