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Comparison of Different Methods to Design Risk Matrices from The Perspective of Applicability

Published on Jan 1, 2017in Procedia Computer Science
· DOI :10.1016/j.procs.2017.11.393
Chunbing Bao3
Estimated H-index: 3
(CAS: Chinese Academy of Sciences),
Dengsheng Wu10
Estimated H-index: 10
(CAS: Chinese Academy of Sciences)
+ 2 AuthorsJianming Chen6
Estimated H-index: 6
(CAS: Chinese Academy of Sciences)
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Abstract
Abstract The design of risk matrices is a topic that has not reached a consensus, although risk matrices are widely used in practice. Several methods have been proposed to help design risk matrices. However, all the methods seem to have their own advantages, and it is difficult for the decision makers to choose one. In this paper, we compare two different risk matrix design methods from the perspective of applicability. Specifically, we give three detailed scenarios where different settings of the risk matrices are given, and then compare the performance of the methods. Results show that both the two methods have their own advantages, but they will fail to give an effect design sometimes.
  • References (9)
  • Citations (1)
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References9
Newest
Published on May 4, 2018in Journal of Risk Research1.70
Chunbing Bao3
Estimated H-index: 3
(CAS: Chinese Academy of Sciences),
Jianping LiXiaolei19
Estimated H-index: 19
(CAS: Chinese Academy of Sciences),
Dengsheng Wu10
Estimated H-index: 10
(CAS: Chinese Academy of Sciences)
Extant research has focused upon assessing individual risks with the aid of risk matrices. Although risk aggregation is an important issue in risk management, aggregation of risks measured by risk matrices remains unresolved despite the wide usage of risk matrices. This paper proposes a framework to resolve the problem. We start from modifying the two notions of non-aggregatability of risk matrices, namely, qualitative description of inputs and non-comparability of different types of consequence...
Published on Jan 1, 2018in Risk Analysis2.56
Jianping LiXiaolei19
Estimated H-index: 19
(CAS: Chinese Academy of Sciences),
Chunbing Bao3
Estimated H-index: 3
(CAS: Chinese Academy of Sciences),
Dengsheng Wu10
Estimated H-index: 10
(CAS: Chinese Academy of Sciences)
Risk matrices have been widely used as a risk evaluation tool in many fields due to their simplicity and intuitive nature. Designing a rating scheme, i.e., determining the number of ratings used in a risk matrix and assigning different ratings to different cells, is an essential part of risk matrix construction. However, most of the related literature has focused on applying a risk matrix to various fields, instead of researching how to design risk matrices. Based on the analysis of several curr...
Published on Aug 1, 2015in Risk Analysis2.56
Xin Ruan6
Estimated H-index: 6
(Tongji University),
Zhiyi Yin1
Estimated H-index: 1
(Tongji University),
Dan M. Frangopol52
Estimated H-index: 52
(Lehigh University)
Recent studies indicate that absence of the consideration of risk attitudes of decisionmakers in the risk matrix establishment process has become a major limitation. In order to evaluate risk in a more comprehensive manner, an approach to establish risk matrices that integrates risk attitudes based on utility theory is proposed. There are three main steps within this approach: (1) describing risk attitudes of decisionmakers by utility functions, (2) bridging the gap between utility functions and...
Published on Jan 1, 2014in Risk Analysis2.56
J. Holt17
Estimated H-index: 17
(Imperial College London),
A. W. Leach10
Estimated H-index: 10
(Imperial College London)
+ 5 AuthorsJohn D. Mumford22
Estimated H-index: 22
(Imperial College London)
Utility functions in the form of tables or matrices have often been used to combine discretely rated decision-making criteria. Matrix elements are usually specified individually, so no one rule or principle can be easily stated for the utility function as a whole. A series of five matrices are presented that aggregate criteria two at a time using simple rules that express a varying degree of constraint of the lower rating over the higher. A further nine possible matrices were obtained by using a...
Published on Jan 1, 2013in Spe Economics & Management
Philip Thomas1
Estimated H-index: 1
(Society of Petroleum Engineers),
Reidar B. Bratvold10
Estimated H-index: 10
(University of Stavanger),
J. Eric Bickel14
Estimated H-index: 14
(University of Texas at Austin)
Published on Jan 1, 2010
Sandeep Shashikant Janwadkar3
Estimated H-index: 3
,
Christian Klotz4
Estimated H-index: 4
+ 1 AuthorsShane Finegan1
Estimated H-index: 1
The use of real-time MWD data and reliable directional control resulted in increased average ROP and reduced drilling time.
Published on Jan 1, 2010
David Pritchard2
Estimated H-index: 2
,
Patrick York6
Estimated H-index: 6
+ 1 AuthorsDon M. Hannegan9
Estimated H-index: 9
Part 2 of 3: Correctly interpreting drilling dynamics enables operators to make the right proactive decisions during operations.
Published on Nov 1, 2009in Systems Engineering0.85
Eric D. Smith9
Estimated H-index: 9
(UTEP: University of Texas at El Paso),
William T. Siefert1
Estimated H-index: 1
,
David Drain1
Estimated H-index: 1
Risk matrices used in industry characterize particular risks in terms of the likelihood of occurreRisk matrix input data biaseshe actualized risk. Human cognitive bias research led by Daniel Kahneman and Amos Tversky exposed systematic translations of objective probability and value as judged by human subjects. Applying these translations to the risk matrix allows the formation of statistical hypotheses of risk point placement biases. Industry-generated risk matrix data reveals evidence of biase...
Published on Apr 1, 2008in Risk Analysis2.56
Louis Anthony Cox20
Estimated H-index: 20
Risk matrices—tables mapping “frequency†and “severity†ratings to corresponding risk priority levels—are popular in applications as diverse as terrorism risk analysis, highway construction project management, office building risk analysis, climate change risk management, and enterprise risk management (ERM). National and international standards (e.g., Military Standard 882C and AS/NZS 4360:1999) have stimulated adoption of risk matrices by many organizations and risk consultants. Howe...
Cited By1
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Published on Jun 1, 2019in Quality & Quantity
Ali Asgary9
Estimated H-index: 9
(York University),
Ali Ihsan Ozdemir (Yıldırım Beyazıt University)
This study applies the World Economic Forum’s global risk report methodology at a country and industry specific level to understand how the national as well as the industry contexts and conditions affect perceptions of the global risks, using the case of tourism industry in Turkey. Data was collected from a sample of respondents involved in tourism industry through an online questionnaire. Findings shows that significant variances exist between the perceived likelihoods and impacts of global ris...
Published on Jul 1, 2018in Sports Medicine7.58
Colin W Fuller36
Estimated H-index: 36
The aim of this review was to provide insights into and a critical assessment of injury burden, risk matrices and risk contours in the context of team sports. Injury burden is the product of injury incidence and mean severity, and is normally reported as days’ absence/1000 player-hours. An important feature of injury burden is that equal values can reflect quite different numerical combinations of injury incidence and severity. The timeframe over which injury burden affects a team depends on the...