The consequence assignment is by far the hardest one of the series. There’s a lot of individual components to consider. If you have questions, let me know. If you have suggestions on how to make this easier for people to understand, let me know. I always leave these assignments with a list of possible improvements.
Many of you observed that you wouldn’t use the tables provided to equate the medium ratings for both economic and human consequence.
While this is a longer discussion that I won’t have time to fully develop here, I want to leave you with two thoughts:
- Note that if you don’t like the distribution I’ve provided for the class, you could always develop your own likelihood and consequence tables that are tailored to your target. I don’t have students do that here, since that is a bridge too far when one is learning the technique, but you should know that option exists.
- The other concept to be aware of is that of the Value of a Statistical Life (VSL). It’s a technique developed by actuaries to help inform cost benefit analyses. It doesn’t incorporate the thoughts that many of you held – that even the loss of a single person is too much. The Dept of Transportation document linked hereLinks to an external site. is an example of how this concept is applied. I’m not asking you to change your opinion. I’m only sharing one example how this topic can be handled outside of a consequence table.
And I loved your responses to the podcasts – it seemed to resonate with everyone! These discussion boards are always a delight to read.
I’ve graded everything in my queue. LMK if you think different or submit your work and I’ll be happy to grade.
Be well!
C
Interesting articles I found this week:
How I got scammed (Swiss Cheese Security)Links to an external site.
