Journal
PROCEEDINGS OF THE INSTITUTION OF MECHANICAL ENGINEERS PART O-JOURNAL OF RISK AND RELIABILITY
Volume 230, Issue 5, Pages 512-520Publisher
SAGE PUBLICATIONS LTD
DOI: 10.1177/1748006X16654589
Keywords
Risk analysis; security analysis; risk acceptance; production system asset management; asset management
Categories
Funding
- Norwegian Research Council as a part of the PETROMAKS 2 programme [228335/E30]
Ask authors/readers for more resources
This article provides some views on how managers should think about risk when facing challenging decision-making situations with large uncertainties and high values at stake. The article is based on the thesis that managers are well qualified for the proper understanding and management of such risk and uncertainties, but that there has been a lack of suitable conceptual frameworks available. We argue that the key to success in this respect is to be open to broader risk perspectives than the common damage probability view. Risk also has to reflect uncertainties, knowledge, and potential surprises. A security case taken from the oil and gas industry is used to illustrate the discussion. The main aim of the article is to guide managers and analysts on the conceptualization of risk and on which techniques and principles to adopt in order to understand, assess, manage, and communicate risk in relation to situations of large uncertainties and high values at stake.
Authors
I am an author on this paper
Click your name to claim this paper and add it to your profile.
Reviews
Recommended
No Data Available