By Howard Kunreuther, Michael Useem
Events starting from storm Katrina to the worldwide fiscal trouble have taught businesspeople an unforgettable lesson: in the event you don’t plan for “extreme risk,” you endanger your organization’s very survival. yet how are you going to plan for occasions that move a ways past something that happens in basic day by day enterprise? In Learning from Catastrophes, two popular specialists current the 1st finished strategic framework for assessing, responding to, and coping with severe threat. Howard Kunreuther and Michael Useem construct on their lonesome step forward paintings on mitigating common mess ups, extending it to the demanding situations confronted via real-world corporations.
Along with the contributions of top specialists in probability administration, heuristics, and catastrophe restoration, they determine the behavioral biases and defective heuristics that lie to determination makers concerning the probability of disaster. They cross directly to determine the hidden hyperlinks linked to severe hazards, and current concepts for systematically construction larger resilience into the association. The worldwide best-seller The Black Swan told executives that “once in an entire life” occasions are way more universal and unsafe than they ever learned. Learning from Catastropheshows them precisely what to do approximately it.
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Additional resources for Learning from Catastrophes: Strategies for Reaction and Response
Consider, for example, floods as a social hazard in the United States. S. Department of Defense) and with some state and local agencies. S. 16 Preparation for response is the domain of planning and organizing and first-responder agencies—at the federal level, the Federal Emergency Management Agency (FEMA), which will mobilize many other organizations, including contractors and state and local government agencies outside the affected region, and the Coast From the Library of Daniel Johnson 34 LEARNING FROM CATASTROPHES Guard; at the state level, the National Guard and other state agencies; at the local level, police and fire departments.
In the opinion of many, this created a renaissance in the waterfront district. It is at least possible that, at least in this limited instance, the earthquake resulted in a valuable opportunity to reconstruct an area where the productivity of social assets was far below its potential level—and the damage from the earthquake allowed the community to move on to a more valuable use of some of its remaining assets. From the Library of Daniel Johnson 2 • ACTING IN TIME AGAINST DISASTERS 23 Indeed, not only are different post-event trajectories possible, but the purpose of our interventions in facing hazards is precisely to shift that trajectory cost-effectively in a favorable direction—to reduce the amount by which social welfare after the event falls below what it would otherwise have been.
The more general definition of the term emanates from economic development and stipulates that decisions taken today should not diminish productive capacity—broadly defined to include natural resources and the environment of a community—in the future. In the case of natural hazards, sustainability implies that land-use decisions made today—such as forest management or strip mining—should not place the community in greater jeopardy in the future or make it more dependent on external assistance to survive.
Learning from Catastrophes: Strategies for Reaction and Response by Howard Kunreuther, Michael Useem