Match!

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 Bao5
Estimated H-index: 5
(CAS: Chinese Academy of Sciences),
Dengsheng Wu13
Estimated H-index: 13
(CAS: Chinese Academy of Sciences)
+ 2 AuthorsJianming Chen7
Estimated H-index: 7
(CAS: Chinese Academy of Sciences)
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 (4)
📖 Papers frequently viewed together
2003
13 Citations
6 Citations
7 Citations
78% of Scinapse members use related papers. After signing in, all features are FREE.
References9
Newest
#1Chunbing Bao (CAS: Chinese Academy of Sciences)H-Index: 5
#2Jianping LiXiaolei (CAS: Chinese Academy of Sciences)
Last. Dengsheng Wu (CAS: Chinese Academy of Sciences)H-Index: 13
view all 3 authors...
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...
7 CitationsSource
#1Jianping LiXiaolei (CAS: Chinese Academy of Sciences)
#1Jianping Li (CAS: Chinese Academy of Sciences)H-Index: 22
Last. Dengsheng Wu (CAS: Chinese Academy of Sciences)H-Index: 13
view all 3 authors...
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...
13 CitationsSource
#1Xin Ruan (Tongji University)H-Index: 7
#2Zhiyi Yin (Tongji University)H-Index: 1
Last. Dan M. Frangopol (Lehigh University)H-Index: 58
view all 3 authors...
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...
20 CitationsSource
#1Johnson Holt (Imperial College London)H-Index: 18
#2A. W. Leach (Imperial College London)H-Index: 12
Last. John D. Mumford (Imperial College London)H-Index: 23
view all 8 authors...
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...
18 CitationsSource
#1Philip Thomas (University of Stavanger)H-Index: 3
#2Reidar Brumer Bratvold (University of Stavanger)H-Index: 11
Last. Eric Bickel (University of Texas at Austin)H-Index: 1
view all 3 authors...
31 CitationsSource
#2Christian KlotzH-Index: 4
Last. Shane FineganH-Index: 2
view all 4 authors...
The use of real-time MWD data and reliable directional control resulted in increased average ROP and reduced drilling time.
8 Citations
#1David PritchardH-Index: 2
#2Patrick L. YorkH-Index: 7
Last. Don M. HanneganH-Index: 9
view all 4 authors...
Part 2 of 3: Correctly interpreting drilling dynamics enables operators to make the right proactive decisions during operations.
3 Citations
#1Eric Smith (UTEP: University of Texas at El Paso)H-Index: 9
#2William T. SiefertH-Index: 1
Last. David DrainH-Index: 1
view all 3 authors...
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...
22 CitationsSource
#1Louis Anthony Cox (CU: University of Colorado Boulder)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...
355 CitationsSource
Cited By4
Newest
#1Wei Ge (Zhengzhou University)H-Index: 3
#2Yupan Qin (Zhengzhou University)H-Index: 1
Last. P.H.A.J.M. van Gelder (TU Delft: Delft University of Technology)H-Index: 18
view all 9 authors...
Abstract Because of the uncertainty regarding the potential loss of life, it is difficult to use societal life risk criteria for dams established based on existing methods and the related research. Based on existing dam safety standards, dam safety conditions, and the opinions of the public on dam risks, an innovative methodology, i.e. P–P curve, was proposed to establish societal life risk criteria for dams. The annual probability of dam failure, population at risk, and dam height, which have t...
Source
#1Ali Asgary (York University)H-Index: 10
#2Ali Ihsan Ozdemir (Yıldırım Beyazıt University)H-Index: 2
view all 3 authors...
This study investigated how small and medium enterprises (SMEs) in a country perceive major global risks. The aim was to explore how country attributes and circumstances affect SME assessments of the likelihood, impacts, and rankings of global risks, and to find out if SME risk assessment and rankings differ from the global rankings. Data were gathered using an online survey of manufacturing SMEs in Turkey. The results show that global economic risks and geopolitical risks are of major concern f...
Source
#1Ali Asgary (York University)H-Index: 10
#2Ali Ihsan Ozdemir (Yıldırım Beyazıt University)H-Index: 2
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...
2 CitationsSource
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...
9 CitationsSource