 Can we understand complex systems in terms of risk analysis?J Vatn Journal of Risk and Reliability, 2012, vol. 226, issue 3, 346-358 Abstract: The concept of integrated operations (IO) introduces new ways of operations in the offshore petroleum industry. IO is often characterized by virtual decision arenas where many safety critical decisions are supported and made by distributed actors with different rationalities and responsibilities. This will challenge more traditional decision processes in several ways and it has been questioned whether the risk analysis framework can handle what some authors denote as emerging and escaping risks. Complexity is often considered as a source of such risks. In this paper risk is defined as uncertainty regarding occurrence and severity of undesired events. Next a variety of techniques for structuring and quantifying uncertainty are listed. To approach complexity it is proposed to identify a set of complexity characteristics in relation to the accidental scenarios to be undertaken in the analysis. This enables uncertainty due to complexity to be approached within the same framework as that used to cope with other sources of uncertainty. The important steps in such an integrated risk and complexity analysis are listed, and some of these steps are discussed in the light of examples relevant to IO. Keywords: risk; complexity; uncertainty; integrated operations (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:sae:risrel:v:226:y:2012:i:3:p:346-358 Access Statistics for this article More articles in Journal of Risk and Reliability |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.