The risk-based analysis framework is defined as an approach to evaluation and decision making that explicitly, and to the extent practical, analytically, incorporates considerations of risk and uncertainty. These risks and uncertainties arise from measurement errors, short data records, and from the innate variability of complex physical, social, and economic situations, particularly those dealing with future occurrences. Because it captures and quantifies the extent of the risk and uncertainty in the various planning and design components of an investment project, this approach has been found very useful. Each of the components can be examined and conscious decisions made reflecting an explicit tradeoff between risk and costs. Risk-based analysis can identify which plans are more robust and can be used to compare plans in terms of their likely physical performance and economic success. (USACE, Water Resources Policies and Authorities - Digest of Water Resources..., 1999, 13-3)