Prevention, precaution and resilience: Are they worth the cost?

The assumption that risk, represented as an expected value of the loss could be implied to be a measure of safety, in a cost benefit analysis, is firmly entrenched in economic risk analysis. However, this does not mean that without a marker, the value of a loss, can be established with any necessary level of certainty to make such a cost...

Optimising the performance of complex sociotechnical systems in high-stress, high-speed environments: The formula 1 pit stop test case

In analysing the performance of complex sociotechnical systems, of particular interest is the inevitable and inherent variability that these systems exhibit, but can normally tolerate, in successfully operating in the real world. Knowing how that variability propagates and impacts the total function mix then allows an understanding of emergent...