The Failure of Risk Management: Why It’s Broken and How to Fix It (2nd Edition) takes a close look at misused analysis methods and shows how some of the most popular “risk management” methods are no better than astrology! Hubbard uses examples from the 2008 credit crisis, natural disasters, outsourcing to China, engineering disasters, and more, to reveal critical flaws in risk management methods. Hubbard’s book also tells how all of these problems can be fixed using combinations of scientifically proven and frequently used Applied Information Economics methods. These methods have been used to create solutions in many different areas of business and life from nuclear power, exploratory oil, and other areas of business and government. Finally, Hubbard explains how new forms of collaboration across all industries and government can improve risk management in every field. This second edition includes new material on simple simulations in Excel, research about the performance of various methods, new survey results, expanded statistical methods and more!
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