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Risk assessment and risk management: Review of recent advances on their foundation

Published on Aug 1, 2016in European Journal of Operational Research 3.81
· DOI :10.1016/j.ejor.2015.12.023
E.B. Abrahamsen and Terje Aven48
Estimated H-index: 48
(University of Stavanger)
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Abstract
Risk assessment and management was established as a scientific field some 30–40 years ago. Principles and methods were developed for how to conceptualise, assess and manage risk. These principles and methods still represent to a large extent the foundation of this field today, but many advances have been made, linked to both the theoretical platform and practical models and procedures. The purpose of the present invited paper is to perform a review of these advances, with a special focus on the fundamental ideas and thinking on which these are based. We have looked for trends in perspectives and approaches, and we also reflect on where further development of the risk field is needed and should be encouraged. The paper is written for readers with different types of background, not only for experts on risk.
  • References (139)
  • Citations (156)
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References139
Newest
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Erik Hollnagel41
Estimated H-index: 41
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David Woods61
Estimated H-index: 61
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Nancy G. Leveson48
Estimated H-index: 48
For Resilience Engineering, 'failure' is the result of the adaptations necessary to cope with the complexity of the real world, rather than a breakdown or malfunction. The performance of individuals and organizations must continually adjust to current conditions and, because resources and time are finite, such adjustments are always approximate. This definitive new book explores this groundbreaking new development in safety and risk management, where 'success' is based on the ability of organiza...
Published on Feb 6, 2016
E.B. Abrahamsen and Terje Aven48
Estimated H-index: 48
Quantitative risk assessment , Quantitative risk assessment , کتابخانه دیجیتالی دانشگاه علوم پزشکی و خدمات درمانی شهید بهشتی
Published on Feb 1, 2016in European Journal of Operational Research 3.81
Emanuele Borgonovo23
Estimated H-index: 23
(Bocconi University),
Elmar Plischke9
Estimated H-index: 9
(TUC: Clausthal University of Technology)
The solution of several operations research problems requires the creation of a quantitative model. Sensitivity analysis is a crucial step in the model building and result communication process. Through sensitivity analysis we gain essential insights on model behavior, on its structure and on its response to changes in the model inputs. Several interrogations are possible and several sensitivity analysis methods have been developed, giving rise to a vast and growing literature. We present an ove...
Published on Jan 1, 2016in International Journal of Production Economics 5.00
Mihalis Giannakis13
Estimated H-index: 13
(Audencia),
Thanos Papadopoulos26
Estimated H-index: 26
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This paper develops an operational perspective of supply chain sustainability, by considering it as a risk management process. It explores the nature of sustainability-related supply chain risks, distinguishes them from typical supply chain risks and develops an analytical process for their management. An empirical study is conducted to generate insights about how sustainability-related risks should be managed in an integrated way. A mixed method approach is adopted for data collection and analy...
Published on Dec 1, 2015in Reliability Engineering & System Safety 4.04
Roger Flage12
Estimated H-index: 12
(University of Stavanger),
E.B. Abrahamsen and Terje Aven48
Estimated H-index: 48
(University of Stavanger)
The concept of emerging risk has gained increasing attention in recent years. The term has an intuitive appeal and meaning but a consistent and agreed definition is missing. We perform an in-depth analysis of this concept, in particular its relation to black swan type of events, and show that these can be considered meaningful and complementary concepts by relating emerging risk to known unknowns and black swans to unknown knowns, unknown unknowns and a subset of known knowns. The former is cons...
Published on Nov 1, 2015in European Journal of Operational Research 3.81
Behnam Fahimnia24
Estimated H-index: 24
(USYD: University of Sydney),
Christopher S. Tang47
Estimated H-index: 47
(UCLA: University of California, Los Angeles)
+ 1 AuthorsJoseph Sarkis77
Estimated H-index: 77
(WPI: Worcester Polytechnic Institute)
As supply chain risk management has transitioned from an emerging topic to a growing research area, there is a need to classify different types of research and examine the general trends of this research area. This helps identify fertile research streams with great potential for further examination. This paper presents a systematic review of the quantitative and analytical models (i.e. mathematical, optimization and simulation modeling efforts) for managing supply chain risks. We use bibliometri...
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Faisal Khan49
Estimated H-index: 49
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Samith Rathnayaka7
Estimated H-index: 7
(St. John's University),
Salim Ahmed11
Estimated H-index: 11
(St. John's University)
The paper reviews past progress in the development of methods and models for process safety and risk management and highlights the present research trends; also it outlines the opinions of the authors regarding the future research direction in the field. Based on the open literature published in the leading journals in the field of safety, risk and reliability, the review covers the evolution of the methods and models developed for process safety and risk management. The methods and models are c...
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Jonas Lundberg14
Estimated H-index: 14
(Linköping University),
Björn Johansson21
Estimated H-index: 21
(Linköping University)
It has been realized that resilience as a concept involves several contradictory definitions, both for instance resilience as agile adjustment and as robust resistance to situations. Our analysis of resilience concepts and models suggest that beyond simplistic definitions, it is possible to draw up a systemic resilience model (SyRes) that maintains these opposing characteristics without contradiction. We outline six functions in a systemic model, drawing primarily on resilience engineering, and ...
Published on Sep 1, 2015in Reliability Engineering & System Safety 4.04
Mary Patterson9
Estimated H-index: 9
(NEOMED: Northeast Ohio Medical University),
Robert L. Wears48
Estimated H-index: 48
(UF: University of Florida)
Abstract This paper presents an empirical case study to illustrate, corroborate, and perhaps extend some key generalizations about resilient performance in complex adaptive systems. The setting is a pediatric hematology/oncology pharmacy, a complex system embedded in the larger complex of the hospital, which provides chemotherapy and other high risk medications to children with cancer, sickle cell disease and autoimmune disorders. Recently the demands placed on this system have dramatically inte...
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Published on Jun 1, 2019in European Journal of Operational Research 3.81
Gino J. Lim15
Estimated H-index: 15
(UH: University of Houston),
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Estimated H-index: 6
+ 1 AuthorsWenhua Cao (University of Texas MD Anderson Cancer Center)
Abstract Robust optimization approaches have been widely used to address uncertainties in radiation therapy treatment planning problems. Because of the unknown probability distribution of uncertainties, robust bounds may not be correctly chosen, and a risk of undesirable effects from worst-case realizations may exist. In this study, we developed a risk-based robust approach, embedded within the conditional value-at-risk representation of the dose-volume constraint, to deal with tumor shrinkage u...
Published in Safety Science 3.62
A. Liaropoulos1
Estimated H-index: 1
(HUA: Harokopio University),
Kalliopi Sapountzaki6
Estimated H-index: 6
(HUA: Harokopio University),
Z. Nivolianitou1
Estimated H-index: 1
(National Centre of Scientific Research "Demokritos")
Abstract This paper presents and discusses actual and potential successes and failures in the transition of the Offshore Oil Industry from the risk management paradigm to the risk governance regime in three reference countries, namely the United Kingdom (UK) & Norway in the North and Greece in the South of Europe. The methodological approaches used in this research are both theoretical and empirical, such as: (a) a literature review on the transition from the Risk Analysis and Management to the ...
Susanne Durst13
Estimated H-index: 13
(University of Skövde),
Christoph Hinteregger1
Estimated H-index: 1
(University of Innsbruck),
Malgorzata Zieba3
Estimated H-index: 3
(GUT: Gdańsk University of Technology)
Abstract The purpose of this study is to examine the effect of knowledge risk management (KRM) on organizational performance, with measures considered as “softer” measures of performance, i.e. innovativeness, responsiveness, sustainability, and agility. Data were collected using an online questionnaire sent to private and public organizations located all over the world. The analysis and hypotheses testing were performed using structural equation modeling. The results showed that KRM positively a...
Published on Jun 1, 2019in Reliability Engineering & System Safety 4.04
E.B. Abrahamsen and Terje Aven48
Estimated H-index: 48
(University of Stavanger),
Vidar Kristensen (Wintershall)
Abstract There is an increasing awareness and recognition of the importance of reflecting knowledge and lack of knowledge in relation to the understanding, assessment and management of risk. Substantial research work has been initiated to better link risk and knowledge. The present paper aims to contribute to this work by distinguishing between different types of knowledge: general knowledge and specific knowledge. For example, in relation to an offshore installation, the former captures knowled...
Published on Jul 1, 2019in Reliability Engineering & System Safety 4.04
E.B. Abrahamsen and Terje Aven48
Estimated H-index: 48
(University of Stavanger)
Abstract The precautionary principle is well known among scientists, politicians and the public in general. However, the closely related and broader cautionary principle is not so often referred to. Whereas the precautionary principle is typically invoked in cases of scientific uncertainties, the cautionary principle applies to the more general situation of risk and uncertainties. The present paper summarises and extends the argumentation adopted to justify the cautionary principle and presents ...
Brian J. Galli7
Estimated H-index: 7
(LIU: Long Island University),
Mahmoud Ali Alsulaimani (LIU: Long Island University)
Published on Oct 1, 2019in Reliability Engineering & System Safety 4.04
Domenico C. Amodeo , Royce A. Francis8
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Abstract Engineered system resilience has emerged as an important concept for researchers, policy makers, and managers over the past two decades. It is critical to the operation of complex systems that are crucial to social and economic systems, such as interdependent critical infrastructures. While the measurement of infrastructure resilience is well-studied, in this paper the authors present the concept that a system's selected strategy for self-organizing is the mechanism for contending with ...
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Abstract The article deals with the analysis of the probability of failure of a load-bearing steel bridge member under bending. The focus is on fatigue failure caused by stress cycles from multiple repeated traffic loading on the bridge. Failure is defined by the occurrence of a fatigue crack of critical size. Crack propagation and the fatigue limit state are described using linear fracture mechanics. The failure probability is a function of the equivalent stress range, initial crack length, Par...
A partir da Analise Critica do Discurso, examina-se a transposicao da Diretiva Seveso III em Portugal, discutindo-se os aspetos mais expressivos da sua intertextualidade discursiva. Esta permite observar tanto a reproducao de discursos – quando nenhum elemento novo e introduzido – como as mudancas discursivas por meio de novas combinacoes. Entre os principais textos identificados, destacam-se os do universo tecnico e economico da gestao corporativa, que sao o principal referencial normativo da l...