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Risk Analysis and Risk Management

The risk analysis and risk management research field embraces principles, models and methods for identifying, analysing, describing, communicating and managing risk. Its results are applied in the business sector – particularly the oil industry, banking/finance, infrastructure, transport, food and health, as well as in the societal sector.

Key issues addressed are:

  • The meaning of risk
  • How to express risk and uncertainty
  • How to analyze reliability and availability
  • How to give weight to uncertainties
  • How  to understand and apply the precautionary principle
  • How to determine acceptable risk
  • How to balance different concerns, such as safety and economics
  • How to apply cost-benefit and cost effectiveness analyses
  • How to apply expected values in risk management

The research acknowledges that to assess and manage risk a broader risk description than what is typically the case today is required. Uncertainty characterisations extending beyond the probabilities and expected values are needed. The research platform is changed from an application of statistics founded on the natural science paradigm to a paradigm based on uncertainty descriptions. A main aim of the research in the group is to develop a scientific framework based on such a paradigm. The framework is based on an epistemological basis combining quantitative and qualitative methods.