Risky Business: Analysis from an Engineering Perspective

Don’t set sail without thinking first: this sage advice sums up risk analysis for Elisabeth Paté-Cornell, department chair of Management Science and Engineering at Stanford University. She explains that risk assessment involves the study of scenarios, probabilities, and consequences. A risk analyst uses logic and statistics to makes sense of uncertainties and provides possible solutions to derail disaster. While some events force quick thinking, most can be avoided with a little forethought. After all, she simplifies: risk analysis isn’t just nuclear reactors, it’s also real life.