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Economic Risk Analysis as a Research Directing Paradigm

by Ken Young,
Stuart Stein,
David Pearson,
Roy Trent,



Document Type: Proceeding Paper

Part of: North American Water and Environment Congress & Destructive Water

Abstract:

Risk analysis could be used to direct a manageable, prioritized strategic plan for evaluating bridge scour research needs. Through risk analysis, the costs of research and the potential savings resulting from the research findings can be quantified to evaluate the relative merits of potential research projects. Risk analysis offers an objective prioritization of potential research projects because it ties economic consequences of scour damage to gaps and uncertainty in scour and stream stability knowledge.

Subject Headings: Risk management | Scour | Economic factors | Project management | Uncertainty principles | River bank stabilization | Construction costs

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