An Integrated Risk Analysis Method Using Spatial Interpolation

Risk analysis is an essential process in risk management. Usually, risks are prioritized with both qualitative risk analysis and quantitative risk analysis. However, the result of qualitative and quantitative risk prioritization may not align with each other when applying existing methods. The incon...

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Bibliographic Details
Main Authors: Peng Zhou, Leung, H. K. N.
Format: Conference Proceeding
Language:English
Subjects:
Interpolation
Measurement
Organizations
qualitative risk analysis
quantitative risk analysis
Radio frequency
risk analysis process
Risk management
risk prioritization
Statistical analysis
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Summary:Risk analysis is an essential process in risk management. Usually, risks are prioritized with both qualitative risk analysis and quantitative risk analysis. However, the result of qualitative and quantitative risk prioritization may not align with each other when applying existing methods. The inconsistency may prevent practitioners from performing risk management effectively. To resolve the problem, we suggest a process to combine quantitative risk analysis with qualitative risk analysis, and propose a new method for quantitative risk prioritization to fit the process by applying spatial interpolation. The proposed method was applied in a real-life project and was found to perform better than existing methods. Our method can help practitioners more effectively perform risk management.
ISSN:1530-1362
2640-0715
DOI:10.1109/APSEC.2012.11