Safety oriented bubble diagrams vs. risk plots based on prediction intervals and strength-of-knowledge assessments. Which one to use as an alternative to risk matrices? Online publication date: Fri, 12-Dec-2014
by Eirik Bjorheim Abrahamsen; Øystein Amundrud; Terje Aven; Alireza M. Gelyani
International Journal of Business Continuity and Risk Management (IJBCRM), Vol. 5, No. 3, 2014
Abstract: The use of risk matrices for visualising risks has been discussed in the literature. It is argued that risk matrices are not appropriate as the uncertainty is not properly taken into account. As an alternative to risk matrices, the use of bubble diagrams has been suggested. Risk plots based on prediction (uncertainty) intervals and strength-of-knowledge assessments have also been recommended. In this paper, we discuss which of these two alternatives to traditional risk matrices is considered most appropriate for visualising risks. We show that risk plots are more precise in reflecting important aspects of risks than bubble diagrams, while bubble diagrams are considered to give a better basis for ranking between risks. In this paper, a new visualisation tool closely related to the risk plots and the bubble diagrams is suggested.
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