The book explores the complexities of risk assessment in decision-making, particularly in the context of water resources planning and management. It highlights the tendency to underestimate risk due to challenges in measurement and the lack of mechanisms for effective risk assessments in official planning documents. The proceedings from a conference on Risk/Benefit Analysis compile insights from professionals who have tackled these issues, offering both theoretical and practical solutions aimed at enhancing risk assessment processes in this critical field.
Over the past two decades, the focus on multiple objectives in modeling and decision-making has significantly increased, particularly during the nineties, which marked a shift from single-objective optimization to a broader emphasis on multiple objectives. The proceedings of this Conference highlight these evolutionary changes and underscore the vital role that multiple criteria decision making (MCDM) plays in various areas, including planning, design, management, and policy decisions, particularly in manufacturing engineering. It has become evident that pursuing optimal single-objective solutions often overlooks the broader applicability of designs that meet multiple objectives. The theme of the XIVth International Conference on Multiple Criteria Decision Making, held in Charlottesville, Virginia, emphasizes the growing significance of risk-cost-benefit analysis in decision-making and engineering design. In such contexts, minimizing the occurrence of rare and extreme events becomes crucial, complementing traditional risk minimization alongside cost and performance objectives. The proceedings feature forty-five papers that present a range of techniques for addressing multiple criteria decision-making challenges, reflecting the diverse expertise of their authors.
