Some reflections on uncertainty analysis and management

Terje Aven

Reliability Engineering and System Safety, 2010, vol. 95, issue 3, 195-201

Abstract: A guide to quantitative uncertainty analysis and management in industry has recently been issued. The guide provides an overall framework for uncertainty modelling and characterisations, using probabilities but also other uncertainty representations (including the Dempster–Shafer theory). A number of practical applications showing how to use the framework are presented. The guide is considered as an important contribution to the field, but there is a potential for improvements. These relate mainly to the scientific basis and clarification of critical issues, for example, concerning the meaning of a probability and the concept of model uncertainty. A reformulation of the framework is suggested using probabilities as the only representation of uncertainty. Several simple examples are included to motivate and explain the basic ideas of the modified framework.

Keywords: Uncertainty analysis; Uncertainty representation; Model uncertainty; Subjective probability (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (21)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:reensy:v:95:y:2010:i:3:p:195-201

DOI: 10.1016/j.ress.2009.09.010

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