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Article

Decisions in Risk and Reliability: An Explanatory Perspective

1
CNR IMATI, Via Alfonso Corti 12, 20133 Milano, Italy
2
Department of Decision Sciences, George Washington University, Washington, DC 20052, USA
3
School of Computer Science & Statistics, Trinity College Dublin, Dublin, Ireland
*
Author to whom correspondence should be addressed.
Academic Editor: Wenhao Gui
Received: 29 October 2020 / Revised: 22 March 2021 / Accepted: 23 March 2021 / Published: 26 March 2021
The paper discusses issues that surround decisions in risk and reliability, with a major emphasis on quantitative methods. We start with a brief history of quantitative methods in risk and reliability from the 17th century onwards. Then, we look at the principal concepts and methods in decision theory. Finally, we give several examples of their application to a wide variety of risk and reliability problems: software testing, preventive maintenance, portfolio selection, adversarial testing, and the defend-attack problem. These illustrate how the general framework of game and decision theory plays a relevant part in risk and reliability. View Full-Text
Keywords: utility; sensitivity analysis; decision trees; influence diagrams; adversarial risk analysis; optimal replacement; software testing; preventive maintenance; portfolio selection utility; sensitivity analysis; decision trees; influence diagrams; adversarial risk analysis; optimal replacement; software testing; preventive maintenance; portfolio selection
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MDPI and ACS Style

Pievatolo, A.; Ruggeri, F.; Soyer, R.; Wilson, S. Decisions in Risk and Reliability: An Explanatory Perspective. Stats 2021, 4, 228-250. https://0-doi-org.brum.beds.ac.uk/10.3390/stats4020017

AMA Style

Pievatolo A, Ruggeri F, Soyer R, Wilson S. Decisions in Risk and Reliability: An Explanatory Perspective. Stats. 2021; 4(2):228-250. https://0-doi-org.brum.beds.ac.uk/10.3390/stats4020017

Chicago/Turabian Style

Pievatolo, Antonio, Fabrizio Ruggeri, Refik Soyer, and Simon Wilson. 2021. "Decisions in Risk and Reliability: An Explanatory Perspective" Stats 4, no. 2: 228-250. https://0-doi-org.brum.beds.ac.uk/10.3390/stats4020017

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