Information system conflicts costs

The benefit of a risk-based approach, compared to the other approaches to design or decision making, is that it deals with outcomes. A risk-based approach enables informed choices to be made based on comparison of the expected outcomes and costs of alternative courses of action. This is distinct from, for example, a standards-based approach that focuses on the severity of the load that a particular flood defence is expected to withstand. Using a risk-based approach, risk assessment often involves more complete representation of the flood/erosion system. This more holistic approach will be able to account for (a) complex physical mechanisms, spatial, and temporal variations in natural hazards (e.g., natural variability in wind, wave, rainfall, and water level conditions) (b) descriptions based on sparse/incomplete data and (c) multiple stakeholders with differing, often conflicting, values and objectives. ... 

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