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Some considerations on the treatment of uncertainties in risk assessment for practical decision making

Terje Aven and Enrico Zio

Reliability Engineering and System Safety, 2011, vol. 96, issue 1, 64-74

Abstract: This paper discusses the challenges involved in the representation and treatment of uncertainties in risk assessment, taking the point of view of its use in support to decision making. Two main issues are addressed: (1) how to faithfully represent and express the knowledge available to best support the decision making and (2) how to best inform the decision maker. A general risk-uncertainty framework is presented which provides definitions and interpretations of the key concepts introduced. The framework covers probability theory as well as alternative representations of uncertainty, including interval probability, possibility and evidence theory.

Keywords: Risk assessment; Uncertainty representations; Decision-making (search for similar items in EconPapers)
Date: 2011
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Handle: RePEc:eee:reensy:v:96:y:2011:i:1:p:64-74