On how to conceptualise and describe risk
Journal article, Peer reviewed
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http://hdl.handle.net/11250/181876Utgivelsesdato
2011Metadata
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Originalversjon
Aven, T. (2011) On how to conceptualise and describe risk. Reliability: Theory & Applications, 2(1), 28-37Sammendrag
A number of definitions and interpretations of the risk concept exist. Many of these are probabilitybased.
In this paper we present and discuss a structure for characterising the definitions, which is
founded on a clear distinction between (a) risk as a concept based on events, consequences and
uncertainties; (b) risk as a modelled, quantitative concept; and (c) risk descriptions. The discussion
leads to recommended perspective for conceptualising and assessing risk, which is based on risk
defined by (a), and the probability-based definitions of risk can be viewed as related model
parameters and/or risk descriptions. Two ways of detailing the framework are outlined: the relative
frequency-based approach and the Bayesian approach.