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This paper discusses regrets analysis, a decision tool that is uniquely appropriate forcircumstances where it is necessary to spend conceivably large sums ofmoney to address a risk, but it is virtually impossible to quantify the risk. It focuses instead on what we do know and guides you in looking across allpossible decision choices and comparing them in terms of the cost of beingwrong. This paper presents an example of regrets analysis applied to a securityimprovement decision regarding the protection of a chlorine tank frompossible sabotage. The analysis is developed in a spreadsheet and thepaper describes the input data required and the analytical stepsinvolved. Includes tables.

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Edition: Vol. - No. Published: 04/10/2005 Number of Pages: 11File Size: 1 file , 310 KB