Risk Modeling, Assessment and Management

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Mack-Blackwell National Rural Transportation Study Center, University of Arkansas, 2008 - National security - 54 pages
Since the events of September 11th 2001, there has been a lot of emphasis placed on increasing the security of our nations infrastructure. The federal government has increased spending on homeland security by $14 Billion over pre-September 11th funding levels. Total expenditures on Homeland Security in the 2003 Budget are on the order of $31 Billion dollars. A significant amount of that funding will be spent on securing our transportation infrastructure. Key to spending those dollars wisely will be the development of an adequate risk analysis, mitigation and management plan for each of the various transportation sectors. While the majority of focus has been on the Airline industry, the other elements of the transportation sector (trucking, rail, ship) are at risk to terrorist activity. In order to properly expend those valuable resources, future managers and engineers must understand the components of risk, how to analyze, mitigate, and manage it. Examining the curriculum of the transportation program as well as the curriculum of the other supporting departments in the University, one quickly notices a lack of a formal course on risk modeling, assessment, and management in the design, acquisition, implementation, and operation of these types of systems. Thus, graduates of these programs will be entering their field with a lack of understanding of risk and the tools necessary to model and manage it.

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