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A conceptual framework for linking risk and the elements of the data–information–knowledge–wisdom (DIKW) hierarchy

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  • Aven, Terje

Abstract

There are numerous definitions of the risk concept. When studying the suitability of these definitions one key issue is the degree that the risk concept is able to reflect the data (D), information (I), knowledge (K) and wisdom (W) available, i.e. the various elements of the well-known DIKW hierarchy. In this paper we present and discuss a structure (conceptual framework) for linking some common risk perspectives and the DIKW elements. The structure is based on the following main ideas: Data=the input to the risk assessment, information=the risk description, knowledge (for the decision maker)=understanding the risk description, knowledge (for analysts)=understanding how to do the risk assessment and understanding the risk description, wisdom (for the decision maker)=the ability to use the results of the analysis in the right way and wisdom (for analysts)=the ability to present the results of the analysis in the right way. The principal aim of this paper is to contribute to a better understanding of the link between the risk concept and the DIKW elements, in order to strengthen the foundations of the meaning and characterisation of risk, and in this way provide a basis for improved risk management.

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  • Aven, Terje, 2013. "A conceptual framework for linking risk and the elements of the data–information–knowledge–wisdom (DIKW) hierarchy," Reliability Engineering and System Safety, Elsevier, vol. 111(C), pages 30-36.
    • Handle: RePEc:eee:reensy:v:111:y:2013:i:c:p:30-36
    DOI: 10.1016/j.ress.2012.09.014
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    References listed on IDEAS

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    1. Terje Aven & Ortwin Renn, 2009. "On risk defined as an event where the outcome is uncertain," Journal of Risk Research, Taylor & Francis Journals, vol. 12(1), pages 1-11, January.
    2. Chaim Zins, 2007. "Conceptual approaches for defining data, information, and knowledge," Journal of the American Society for Information Science and Technology, Association for Information Science & Technology, vol. 58(4), pages 479-493, February.
    3. Milan Zeleny, 2006. "Knowledge-information autopoietic cycle: towards the wisdom systems," International Journal of Management and Decision Making, Inderscience Enterprises Ltd, vol. 7(1), pages 3-18.
    4. Aven, Terje, 2010. "On how to define, understand and describe risk," Reliability Engineering and System Safety, Elsevier, vol. 95(6), pages 623-631.
    5. Aven, Terje, 2012. "The risk concept—historical and recent development trends," Reliability Engineering and System Safety, Elsevier, vol. 99(C), pages 33-44.
    6. Aven, Terje & Zio, Enrico, 2011. "Some considerations on the treatment of uncertainties in risk assessment for practical decision making," Reliability Engineering and System Safety, Elsevier, vol. 96(1), pages 64-74.
    7. Aven, Terje, 2007. "A unified framework for risk and vulnerability analysis covering both safety and security," Reliability Engineering and System Safety, Elsevier, vol. 92(6), pages 745-754.
    8. Terje Aven & Ortwin Renn, 2010. "Risk Management and Governance," Risk, Governance and Society, Springer, number 978-3-642-13926-0, March.
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    Cited by:

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    2. Ruponen, Pekka & Montewka, Jakub & Tompuri, Markus & Manderbacka, Teemu & Hirdaris, Spyros, 2022. "A framework for onboard assessment and monitoring of flooding risk due to open watertight doors for passenger ships," Reliability Engineering and System Safety, Elsevier, vol. 226(C).
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    5. Aven, Terje, 2013. "Practical implications of the new risk perspectives," Reliability Engineering and System Safety, Elsevier, vol. 115(C), pages 136-145.
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    7. Yury Nurulin & Inga Skvortsova & Iosif Tukkel & Marko Torkkeli, 2019. "Role of Knowledge in Management of Innovation," Resources, MDPI, vol. 8(2), pages 1-12, May.
    8. Tasneem Bani-Mustafa & Nicola Pedroni & Enrico Zio & Dominique Vasseur & Francois Beaudouin, 2020. "A hierarchical tree-based decision-making approach for assessing the relative trustworthiness of risk assessment models," Journal of Risk and Reliability, , vol. 234(6), pages 748-763, December.
    9. Aven, Terje & Ylönen, Marja, 2019. "The strong power of standards in the safety and risk fields: A threat to proper developments of these fields?," Reliability Engineering and System Safety, Elsevier, vol. 189(C), pages 279-286.

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