In its general form, risk is quantitatively described by analysts by identifying a set of consequences of an activity and using a measure to express the uncertainties related to these consequences. This risk description is based on a background knowledge , including assumptions on which the assessment was found. The purpose of the present paper is to draw attention to the fact that risk from the perspective of the decision-maker necessarily needs to see beyond ; judgments of the background knowledge of the analysts are an integral part of the management’s and the decision-maker’s risk description and evaluation. Thus, this risk description of the analyst is , whereas the management and the decision-maker need to reflect on the unconditional description , seeing as containing potential risk sources. Ways of characterizing this risk are presented and discussed. An example from the oil and gas industry is used to illustrate the discussions and show the importance for the practice of risk assessment and management.
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September 2016
Research Papers
On the Difference Between Risk as Seen From the Perspectives of the Analysts and Management
Terje Aven
Terje Aven
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Terje Aven
Manuscript received March 6, 2015; final manuscript received November 7, 2015; published online July 1, 2016. Assoc. Editor: James Lambert.
ASME J. Risk Uncertainty Part B. Sep 2016, 2(3): 031002 (7 pages)
Published Online: July 1, 2016
Article history
Received:
March 6, 2015
Revision Received:
November 7, 2015
Accepted:
November 7, 2015
Citation
Aven, T. (July 1, 2016). "On the Difference Between Risk as Seen From the Perspectives of the Analysts and Management." ASME. ASME J. Risk Uncertainty Part B. September 2016; 2(3): 031002. https://doi.org/10.1115/1.4032002
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