The IADC Lexicon is an oil and gas dictionary of upstream-related terms, which, unlike conventional glossaries, are official definitions drawn from legislation, regulation and regulatory guidance, standards (global, national and regional), IADC guidelines, and Well Control Institute. Terms often have multiple definitions from different sources.
This month’s featured term is:
Risk-informed Decision Making
Determination of a course of action predicated on the assessment of risk, the expected impact of that course of action on that risk, as well as other relevant factors.
Sample Usage: He practiced risk-informed decision making in planning event security by considering both the results of the risk assessment and logistical constraints.
Annotation: Risk-informed decision making may take into account multiple sources of information not included specifically in the assessment of risk as inputs to the decision process in addition to risk information, while risk-based decision making uses the assessment of risk as the primary decision driver.
Source: DHS Risk Lexicon, U.S. Department of Homeland Security, 2010 Edition. September 2010 Regulatory Guidance
