Date of Award

Summer 2009

Document Type

Thesis

Degree Name

Master of Science (MS)

Department

Engineering Management & Systems Engineering

Program/Concentration

Engineering Management

Committee Director

Ariel Pinto

Committee Member

Gnana Bharathy

Committee Member

Rani Kady

Call Number for Print

Special Collections LD4331.E555 P38 2009

Abstract

The subject of this thesis is the combined use of engineering economics and survival analysis in estimating time-value of risk-related resources. The discussion includes (1) the need for sustainable risk management, (2) the importance of time-valuation of risk related resources in the allocation or selection among competing risk mitigation alternatives, (3) the convergence of deterministic engineering economics, survivability analysis, and probabilistic analysis, and (4) results and examples of application in the context of prevention of risk event or mitigation of its consequences.

The significance of this thesis is in how three topics: engineering economics, survivability analysis, and probability theory can be used in a novel way to address sustainability, which currently is emerging in the area of security risk management both for public and for-profit organizations. There is also significance in the proposed algorithm as a step towards cost-justifiable resource allocation decisions grounded on a generally acceptable risk management framework by allowing visualization and comprehension of tradeoff between prevention and preparedness, the use of temporal information, and advances in data fusion and data mining. It may also serve as a foundation for descriptive and prescriptive resource allocation in risk management, benefit-cost evaluation of risk related resources, and refinement of the concept of chance of a risky event.

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DOI

10.25777/mx23-0h43

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