The Prioritization of Risk Reducing Measures in View of Uncertain Cost/Benefits

  • Thor Bjørkvoll
  • Helge Langseth
Conference paper


This paper discusses the traditional cost-benefit analysis in the context of prioritization of risk reducing measures. Such measures are often uncertain both in terms of cost of the measures and their effects. We introduce the concept of decision flexibility to develop an alternative framework for making such decisions.


Information Revelation Uncertain Measure Revelation Scheme Decision Flexibility Operating Expenditure 
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Copyright information

© Springer-Verlag London 2004

Authors and Affiliations

  • Thor Bjørkvoll
    • 1
    • 2
  • Helge Langseth
    • 1
    • 2
  1. 1.SINTEF Industrial ManagementTrondheimNorway
  2. 2.Norwegian University of Science and TechnologyTrondheimNorway

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