Keywords: risk management, decision analysis, uncertainty analysis
Risk-based decision analysis in radioactive waste management processes: methodology with examples
This paper starts with a formal definition of risk and couples risk and uncertainty analysis in a decision analysis process. This risk-based decision analysis process is illustrated with two examples where significant decisions needed to be made relative to radioactive waste management processes. The first example illustrates a schedule risk assessment where the risks associated with achieving a major schedule were determined, quantified and managed. The second example illustrates the importance of quantifying the risk for cost-benefit (reduced risk) evaluations.