Risk Analysis

Terje Aven ()
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Terje Aven: University of Stavanger

A chapter in Safety and Risk Modeling and Its Applications, 2011, pp 125-149 from Springer

Abstract: Abstract The basis of the risk analysis is the systematic use of analytical—largely probability-based—methods which have been constantly improved over the past years. Probabilistic risk assessments for large technological systems, for instance, include tools such as fault and event trees. The processing of data is often guided by inferential statistics and organised in line with decision analytic procedures. These tools have been developed to generate knowledge about cause–effect relationships, express the strength of these relationships and characterise remaining uncertainties. In short, risk analysis specify what is at stake, assess uncertainties and calculate probabilities for (un)wanted consequences, to produce a risk picture.

Keywords: Risk Analysis; Epistemic Uncertainty; Fault Tree; Aleatory Uncertainty; Probabilistic Risk Assessment (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:spr:ssrchp:978-0-85729-470-8_5

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DOI: 10.1007/978-0-85729-470-8_5

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