Title: Economic Optimization of Innovation & Risk
Author: Robert Shuler
Publisher: Robert Shuler
ASBN: B00VY7YG0I
Pages: 100
Genre: Non-fiction, Business

Reviewed by: Lisa Brown-Gilbert, Pacific Book Review

 

Book Review

Risk, that lingering element of uncertainty ever present in any contemporary business or scientific project, is an all important element that must be mastered as it can and will determine the eventual success or failure of any venture.

Within his book, “Economic Optimization of Innovation & Risk” author Robert Shuler introduces readers to his uniquely salient theory and mathematical equation concerning risk, known as Crash Rate theory. The crash rate theory gives those that apply it, enhanced control over risk and financial loss in business ventures. This is an intrinsically involved economically based theory that in general terms explains how to; choose your own failure rate, manage the path to your crash rate, bypass unexpected effects and profit where others may fail to.

This is a practical work fortified by author Robert Shuler’s 42 years of aerospace and software fault tolerant systems design, verification and management in which author Shuler explains the many factors that influence innovation and risk and the mitigation of financial damage. Utilizing business models to establish and explain his theory the author also includes relevant illustrations, historical data, statistical data and functional applications, and also includes a practice project exercise for the “hands on” experience of his theory’s application.

“Economic Optimization of Innovation & Risk” is a well drawn, but intricate read that is deeply involved in its scope and application and should have a particular appeal to economists, engineers, businessmen and investors alike. However the application doesn’t have to be limited to major projects or big business, due to it’s very essence, once the pragmatic nature of the theory is understood it can be applied by laypeople as well because it does offer a stimulating, outside of the box view of handling risk in any venture in life. Crash Rate is an expansive theory that author Shuler explains in applicable terms, both theoretically and mathematically, his presentation includes; The approaches to Understanding Risk, Unexpected Outcomes, Development of the Theory, Analysis and Interpretation, Applying Crash Rate Theory, and Extensions.

Overall, I enjoyed “Economic Optimization of Innovation and Risk”, and do recommend it to readers genuinely interested in the subject.   This book was interesting, organized, had plenty of relevant illustrations, charts and photos and the material was explained in generally comprehensible terms much like a textbook.

“Economic Optimization of Innovation and Risk” is a must-read.

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