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Pages 9-12

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From page 9...
... 9   Appendix B of this report is a primer that focuses on the mathematical and statistical concepts underlying quantitative risk assessment. The primer provides a quick refresher of risk terminology and concepts for the practitioner who may not have studied these concepts for many years.
From page 10...
... 10 Risk Assessment Techniques for Transportation Asset Management: Conduct of Research value is the positive or negative value of the probability of the occurrence of an event multiplied by its impact. The primer illustrates these concepts with an asset management example: the computation of the probability of a culvert failing if a severe storm were to occur.
From page 11...
... Summary of Risk Management Primer 11   pavement conditions from an average condition of 60 to an average condition of 80. However, the value of raising average conditions above 80 rapidly declines.
From page 12...
... 12 Risk Assessment Techniques for Transportation Asset Management: Conduct of Research practical aspects of an agency's functions. For example, risk averseness or low risk tolerance often applies to decisions related to safety.

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