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Risk Characterization

In: Risk-Based Engineering

Author

Listed:
  • Prabhakar V. Varde

    (Bhabha Atomic Research Centre)

  • Michael G. Pecht

    (University of Maryland)

Abstract

As one of the critical steps in risk assessment, risk characterization is yet to be fully developed. Risk characterization involves preparing a document that provides the main results of the analysis, conclusions, and recommendations. The document accounts for the assumptions made for the analysis, the uncertainty or variability in the data and model, the limitations and strengths of the analysis, and the quality level addressed during each step of the analysis. The document plays a vital role in the risk assessment process because it accounts for any subjectivity or technical gap that can occur while communicating the results of the risk analysis is to the stakeholder, be it the regulator or the plant risk manager. The goal is to produce a document that lays out the requirements of the risk-based application from the point of view of a utility/plant manager or a regulator.

Suggested Citation

  • Prabhakar V. Varde & Michael G. Pecht, 2018. "Risk Characterization," Springer Series in Reliability Engineering, in: Risk-Based Engineering, chapter 0, pages 15-29, Springer.
    • Handle: RePEc:spr:ssrchp:978-981-13-0090-5_2
    DOI: 10.1007/978-981-13-0090-5_2
    as

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