Engineering Commons^™

Applicability Of Risk-Based Management And The Need For Risk-Based Economic Decision Analysis At Hazardous Waste Contaminated Sites, I. Khadam, Jagath J. Kaluarachchi

Civil and Environmental Engineering Faculty Publications

Decision analysis in subsurface contamination management is generally carried out through a traditional engineering economic viewpoint. However, new advances in human health risk assessment, namely, the probabilistic risk assessment, and the growing awareness of the importance of soft data in the decision-making process, require decision analysis methodologies that are capable of accommodating non-technical and politically biased qualitative information. In this work, we discuss the major limitations of the currently practiced decision analysis framework, which evolves around the definition of risk and cost of risk, and its poor ability to communicate risk-related information. A demonstration using a numerical example was conducted …