Introduction to risk analysis

Many decisions are made in the face of uncertainty that either cannot or will not be reduced, and the challenge to the decision maker is how to manage the risk imposed by that uncertainty. This chapter will introduce the field of risk analysis, focusing on both the scientific tasks (estimating the probabilities and magnitudes of possible outcomes) and the policy-relevant value judgments needed (understanding the risk tolerances of the decision makers and stakeholders). The three case studies that follow demonstrate a range of approaches to risk management in a natural resource setting.