 Safety oriented bubble diagrams vs. risk plots based on prediction intervals and strength-of-knowledge assessments. Which one to use as an alternative to risk matrices?Eirik Bjorheim Abrahamsen, Øystein Amundrud, Terje Aven and Alireza M. Gelyani International Journal of Business Continuity and Risk Management, 2014, vol. 5, issue 3, 197-209 Abstract: The use of risk matrices for visualising risks has been discussed in the literature. It is argued that risk matrices are not appropriate as the uncertainty is not properly taken into account. As an alternative to risk matrices, the use of bubble diagrams has been suggested. Risk plots based on prediction (uncertainty) intervals and strength-of-knowledge assessments have also been recommended. In this paper, we discuss which of these two alternatives to traditional risk matrices is considered most appropriate for visualising risks. We show that risk plots are more precise in reflecting important aspects of risks than bubble diagrams, while bubble diagrams are considered to give a better basis for ranking between risks. In this paper, a new visualisation tool closely related to the risk plots and the bubble diagrams is suggested. Keywords: risk matrices; safety oriented bubble diagrams; risk plots; uncertainty; strength-of-knowledge; risk management; prediction intervals; risk visualisation tools; precision; risk importance; risk ranking. (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ids:ijbcrm:v:5:y:2014:i:3:p:197-209 Access Statistics for this article More articles in International Journal of Business Continuity and Risk Management from Inderscience Enterprises Ltd |
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