AWWA WSC61378

This paper discusses regrets analysis, a decision tool that is uniquely appropriate for circumstances where it is necessary to spend conceivably large sums of money 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 all possible decision choices and comparing them in terms of the cost of being wrong. This paper presents an example of regrets analysis applied to a security improvement decision regarding the protection of a chlorine tank from possible sabotage. The analysis is developed in a spreadsheet and the paper describes the input data required and the analytical steps involved. Includes tables.