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Author      Title/Abstract      

Water and Wastewater: Risky Business!
Author: Ken Harlow and Peter Buckland
Date: 3/105
2005 AWWA/WEF Joint Management Conference

Considerations of risk drive most asset decisions and thus most utility spending. Without a way to address risk quantitatively, many utilities are forced into risk avoidance rather than effective risk management. The result is higher costs to customers without a corresponding improvement in levels of service provided. This paper introduces a conceptual framework for risk management and demonstrates its application through three case studies. As the paper demonstrates, the quantification of risk and the inclusion of risk costs in traditional asset analysis can greatly improve the quality of such decisions.