Safe Minimum Standard (SMS)
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The safe minimum standard is a guide for managing catastrophic risk. Originally designed for the conservation of natural resources, the rule can be applied to any area when management decisions entail a probability of catastrophic outcome and when actions to be taken can be categorized as risky or non-risky. The rule specifi es that decisions should be chosen from the non-risky set of possible actions.
Project:Oppdragsgiver: Norges forskningsråd
Oppdragsgivers prosjektnr.: 196199
Frisch prosjekt: 3172 - Managing Thresholds and Uncertainty in Resource Economics