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Is Risk Analysis Scientific?

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  • Sven Ove Hansson
  • Terje Aven

Abstract

This article discusses to what extent risk analysis is scientific in view of a set of commonly used definitions and criteria. We consider scientific knowledge to be characterized by its subject matter, its success in developing the best available knowledge in its fields of study, and the epistemic norms and values that guide scientific investigations. We proceed to assess the field of risk analysis according to these criteria. For this purpose, we use a model for risk analysis in which science is used as a base for decision making on risks, which covers the five elements evidence, knowledge base, broad risk evaluation, managerial review and judgment, and the decision; and that relates these elements to the domains experts and decisionmakers, and to the domains fact‐based or value‐based. We conclude that risk analysis is a scientific field of study, when understood as consisting primarily of (i) knowledge about risk‐related phenomena, processes, events, etc., and (ii) concepts, theories, frameworks, approaches, principles, methods and models to understand, assess, characterize, communicate, and manage risk, in general and for specific applications (the instrumental part).

Suggested Citation

  • Sven Ove Hansson & Terje Aven, 2014. "Is Risk Analysis Scientific?," Risk Analysis, John Wiley & Sons, vol. 34(7), pages 1173-1183, July.
    • Handle: RePEc:wly:riskan:v:34:y:2014:i:7:p:1173-1183
    DOI: 10.1111/risa.12230
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    Cited by:

    1. Victor Cardenas, 2024. "Financial climate risk: a review of recent advances and key challenges," Papers 2404.07331, arXiv.org.
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    6. Terje Aven, 2020. "Risk Science Contributions: Three Illustrating Examples," Risk Analysis, John Wiley & Sons, vol. 40(10), pages 1889-1899, October.
    7. Terje Aven, 2017. "What Defines Us as Professionals in the Field of Risk Analysis?," Risk Analysis, John Wiley & Sons, vol. 37(5), pages 854-860, May.
    8. Aven, Terje, 2020. "Three influential risk foundation papers from the 80s and 90s: Are they still state-of-the-art?," Reliability Engineering and System Safety, Elsevier, vol. 193(C).
    9. T. Serebryakova Yu. & O. Gordeeva G. & O. Kurtayeva Yu. & Т. Серебрякова Ю. & О. Гордеева Г. & О. Куртаева Ю., 2018. "Учетно-аналитические источники идентификации экономических рисков // Accounting and Analytical Sources of Economic Risks Identifcation," Учет. Анализ. Аудит // Accounting. Analysis. Auditing, ФГОБУВО "Финансовый университет при Правительстве Российской Федерации" // Financial University under The Government of Russian Federation, vol. 5(5), pages 24-32.
    10. Terje Aven, 2018. "An Emerging New Risk Analysis Science: Foundations and Implications," Risk Analysis, John Wiley & Sons, vol. 38(5), pages 876-888, May.
    11. Terje Aven, 2018. "Reflections on the Use of Conceptual Research in Risk Analysis," Risk Analysis, John Wiley & Sons, vol. 38(11), pages 2415-2423, November.
    12. Rani Lill Anjum & Elena Rocca, 2019. "From Ideal to Real Risk: Philosophy of Causation Meets Risk Analysis," Risk Analysis, John Wiley & Sons, vol. 39(3), pages 729-740, March.
    13. McDermott, T.K.J. & Surminski, S., 2018. "Normative interpretations of climate risk assessment and how it affects local decision making – a study at the city scale in Cork, Ireland," Working Papers 309607, National University of Ireland, Galway, Socio-Economic Marine Research Unit.
    14. Aven, Terje, 2020. "Bayesian analysis: Critical issues related to its scope and boundaries in a risk context," Reliability Engineering and System Safety, Elsevier, vol. 204(C).
    15. Antonio Nesticò & Shuquan He & Gianluigi De Mare & Renato Benintendi & Gabriella Maselli, 2018. "The ALARP Principle in the Cost-Benefit Analysis for the Acceptability of Investment Risk," Sustainability, MDPI, vol. 10(12), pages 1-22, December.
    16. Aven, Terje, 2018. "Perspectives on the nexus between good risk communication and high scientific risk analysis quality," Reliability Engineering and System Safety, Elsevier, vol. 178(C), pages 290-296.
    17. Jacob Taarup‐Esbensen, 2019. "Making Sense of Risk—A Sociological Perspective on the Management of Risk," Risk Analysis, John Wiley & Sons, vol. 39(4), pages 749-760, April.
    18. Daniel J. Rozell, 2018. "The Ethical Foundations of Risk Analysis," Risk Analysis, John Wiley & Sons, vol. 38(8), pages 1529-1533, August.
    19. Torbjørn Bjerga & Terje Aven, 2016. "Some perspectives on risk management: A security case study from the oil and gas industry," Journal of Risk and Reliability, , vol. 230(5), pages 512-520, October.
    20. Terje Aven & Roger Flage, 2020. "Foundational Challenges for Advancing the Field and Discipline of Risk Analysis," Risk Analysis, John Wiley & Sons, vol. 40(S1), pages 2128-2136, November.
    21. Aven, Terje, 2021. "The reliability science: Its foundation and link to risk science and other sciences," Reliability Engineering and System Safety, Elsevier, vol. 215(C).
    22. Floris Goerlandt & Jie Li & Genserik Reniers, 2020. "The Landscape of Risk Communication Research: A Scientometric Analysis," IJERPH, MDPI, vol. 17(9), pages 1-31, May.
    23. Brian H. MacGillivray, 2019. "Null Hypothesis Testing ≠ Scientific Inference: A Critique of the Shaky Premise at the Heart of the Science and Values Debate, and a Defense of Value‐Neutral Risk Assessment," Risk Analysis, John Wiley & Sons, vol. 39(7), pages 1520-1532, July.
    24. 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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