Faced with accelerating advances in technology, increasingly complex organizations, and a growing power to create catastrophe as well as fortune, modern managers must make critical risk decisions wisely. This challenge is greatest when the hazards, either natural or man-made, have a low probability of occurring but carry the potential for catastrophic consequences. Whether the risk is global (climate change), regional (a catastrophic earthquake), or local (siting a hazardous facility), decision makers need appropriate decision models and tools. The research activities of the Wharton Risk Management and Decision Processes Center are dedicated to developing the models and tools that can guide decisions regarding these low-probability/high-consequence events.