Abstract
The objective of engineering practice is to provide solutions to human needs by developing and deploying technologies that make life better.
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The selection should be made according to the values and preferences of the decision maker.
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Note that satisfactory decisions are somehow sub-optimal.
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Note that in colloquial usage, risk generally refers only to the negative values of the return function; positive values are frequently described as an opportunity . Despite these interpretations, in mathematical terms, and for completeness, it is most convenient to include both positive and negative returns as part of any risk analysis.
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Sánchez-Silva, M., Klutke, GA. (2016). Engineering Decisions for Long-Term Performance of Systems. In: Reliability and Life-Cycle Analysis of Deteriorating Systems. Springer Series in Reliability Engineering. Springer, Cham. https://doi.org/10.1007/978-3-319-20946-3_1
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