A new perspective on Renn and Klinke's approach to risk evaluation and management

V. Kristensen, T. Aven and D. Ford

Reliability Engineering and System Safety, 2006, vol. 91, issue 4, 421-432

Abstract: In this paper we discuss Renn and Klinke's approach for risk evaluation and selection of risk management strategies. The main focus in the discussion is the foundational basis and the understanding of what risk is, and how a different foundational basis may simplify and improve the characterization of risk. We will present and discuss an alternative set of characteristics, and give some recommendations with respect to selection of risk management strategies based on different values or magnitudes of these characteristics. We believe that the main focus when describing and managing risk should be the potential consequences, represented by observable quantities, and the uncertainty related to their future values.

Keywords: Risk characterization; Risk classification scheme; Risk management strategies; Predictive Bayesian approach to risk and uncertainty (search for similar items in EconPapers)
Date: 2006
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:reensy:v:91:y:2006:i:4:p:421-432

DOI: 10.1016/j.ress.2005.02.006

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