September 2015
Intermediate to advanced
216 pages
5h 56m
English
Content preview from Risk Analysis, 2nd Edition
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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. Aleatory uncertainty
Variation of quantities in a population
- 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. Event
Occurrence of a particular set of circumstances
- 4. Frequentist probability
A frequentist probability
equals the fraction of times the event 
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. 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. 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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