New Risk Management Study Findings Have Been Reported by Researchers at Bocconi University (On the Relationship between Safety and Decision…

New Risk Management Study Findings Have Been Reported by Researchers at Bocconi University (On the Relationship between Safety and Decision Significance)

By a News Reporter-Staff News Editor at Insurance Weekly News -- Data detailed on Risk Management have been presented. According to news reporting originating in Milan, Italy, by VerticalNews journalists, research stated, "Risk analysts are often concerned with identifying key safety drivers, that is, the systems, structures, and components (SSCs) that matter the most to safety. SSCs importance is assessed both in the design phase (i.e., before a system is built) and in the implementation phase (i.e., when the system has been built) using the same importance measures."

The news reporters obtained a quote from the research from Bocconi University, "However, in a design phase, it would be necessary to appreciate whether the failure/success of a given SSC can cause the overall decision to change from accept to reject (decision significance). This work addresses the search for the conditions under which SSCs that are safety significant are also decision significant. To address this issue, the work proposes the notion of a th-importance measure. We study in detail the relationships among risk importance measures to determine which properties guarantee that the ranking of SSCs does not change before and after the decision is made."

According to the news reporters, the research concluded: "An application to a probabilistic safety assessment model developed at NASA illustrates the risk management implications of our work."

For more information on this research see: On the Relationship between Safety and Decision Significance. Risk Analysis, 2018;():. (Wiley-Blackwell - www.wiley.com/; Risk Analysis - onlinelibrary.wiley.com/journal/10.1111/(ISSN)1539-6924)

Our news correspondents report that additional information may be obtained by contacting E. Borgonovo, Dept. of Decision Sciences, Bocconi University, Milan, Italy. Additional authors for this research include A. Cillo and C. L Smith.

The direct object identifier (DOI) for that additional information is: https://doi.org/10.1111/risa.12970. This DOI is a link to an online electronic document that is either free or for purchase, and can be your direct source for a journal article and its citation.

Keywords for this news article include: Milan, Italy, Europe, Risk Management.

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