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Risk Analysis, 2nd Edition by Terje Aven

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Appendix D

Terminology

This appendix summarises some risk analysis and management terminology used in the book. Reference is made to Aven (2011e), which discusses key terms based on the ISO standard on risk terminology (ISO 2009a,b).

  1. 1. Aleatory uncertainty

    Variation of quantities in a population

  2. 2. Consequence

    Outcome of an event

    When referring to the consequences of an activity, a broader definition is adopted, covering all types of events and outcomes associated with the activity.

  3. 3. Event

    Occurrence of a particular set of circumstances

  4. 4. Frequentist probability

    A frequentist probability b04-math-0001 equals the fraction of times the event b04-math-0002 occurs when the situation considered can be repeated over and over again under similar conditions

    A frequentist probability is a model concept, a parameter of a probability model.

  5. 5. Interested party

    Person or group having an interest in the performance of an organisation

    Examples are customers, owners, employees, suppliers, bankers, unions, partners or society.

    A group may be an organisation, part of an organisation or more than one organisation.

  6. 6. Probability (subjective probability, knowledge-based probability or a judgmental probability)

    A subjective measure of uncertainty of an event The probability is interpreted with reference to an ...

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