The Risk Factor in Water Resources

by Vuyica Yevjevich, George Washington Univ, Washington, DC, USA,



Document Type: Proceeding Paper

Part of: Risk-Based Decision Making in Water Resources

Abstract:

Risk is inherent in nature and society, while uncertainty depends on investigations. Decision making in water resources is most often a deterministic selection of dimensions which divide the probability distribution of the controlling variable into two regions: performing well and failing to perform. The need exists for bridging the deterministic and stochastic approaches to solving various water resources problems. The large number of sources of risk and uncertainty, and their complexities, explain why they have not yet been fully introduced into the practice of decision making. However, there is a good outlook for significantly improving the decision process in the future by using information on risk. The decision-making process - which is based on four attributes: benefit, cost, selected technology, and risk and uncertainty - is expected to play a significant role in the future development of water resources.

Subject Headings: Water resources | Uncertainty principles | Risk management | Decision making | Construction costs | Wells (water) | Stochastic processes

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