Centre for Quantification and Management of Risk
The inter-disciplinary Centre for the Quantification and Management of Risk is engaged in teaching, research and consultancy in the areas of:
· Risk analysis: the identification of the possible outcomes of decisions.
· Risk assessment: the quantification of risk in terms of probability (or likelihood) and size of outcome.
· Risk perception: conveying and interpreting risk concepts to relevant communities, including the general public.
· Strategic risk management – assessing and quantifying the risk; determining the minimum acceptable level of risk; reducing the risk to a minimum; implementing risk mitigation measures; and managing the residual risk
This Centre builds on the existing, extensive expertise of University of Adelaide staff in risk assessment, analysis and perception together with that of internationally renowned visiting staff. The current demonstrated expertise is in the areas of defence procurement, environment (including soil properties, ground water and the general subsurface of the earth), geotechnics, mineral and hydocarbon resources, finance and business, natural disasters, risk visualisation and perception. The Centre covers all forms of risk assessment from the completely analytical to the completely synthetic. It also acknowledges that the purpose of risk assessment and analysis is to inform decision-making and that such decisions are made largely on the human perception of risk.