Limitations of risk approaches

About this item

Title

Limitations of risk approaches

Content partner

University of Canterbury Library

Collection

UC Research Repository

Description

Risk methods are powerful and versatile, but they have limitations and subtle traps. The paper explores the nature of risk. There are three main difficulties. First, there is a problem with quality and completeness of information. Lack of precise information means that likelihood and consequences have to be estimated, so the information is vulnerable to biases: some are explored. Secondly, there is a serious problem of completeness in risk models, where omissions can lead to serious consequences

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Format

Research paper

Research format

Journal article

Date created

2019

Creator

Elms, David

URL

https://hdl.handle.net/10092/107523

Related subjects

Risk / probability / value measures / modelling / information quality / model completeness / subjective bias / Engineering / Engineering practice and education / Risk engineering / Civil engineering / Complex civil systems

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You can learn more about the rights status of this item at: http://hdl.handle.net/10092/17651

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