Fixing the cracks in the crystal ball: A maturity model for quantitative risk assessment

Andrew Rae, Rob Alexander and John McDermid

Reliability Engineering and System Safety, 2014, vol. 125, issue C, 67-81

Abstract: Quantitative risk assessment (QRA) is widely practiced in system safety, but there is insufficient evidence that QRA in general is fit for purpose. Defenders of QRA draw a distinction between poor or misused QRA and correct, appropriately used QRA, but this distinction is only useful if we have robust ways to identify the flaws in an individual QRA. In this paper we present a comprehensive maturity model for QRA which covers all the potential flaws discussed in the risk assessment literature and in a collection of risk assessment peer reviews. We provide initial validation of the completeness and realism of the model.

Keywords: Quantitative risk assessment; Probabilistic risk assessment; Evaluation; Validity; Process maturity; QRA; PRA (search for similar items in EconPapers)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (12)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0951832013002652
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:reensy:v:125:y:2014:i:c:p:67-81

DOI: 10.1016/j.ress.2013.09.008

Access Statistics for this article

Reliability Engineering and System Safety is currently edited by Carlos Guedes Soares

More articles in Reliability Engineering and System Safety from Elsevier
Bibliographic data for series maintained by Catherine Liu ().