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A Holistic Question: Is It Correct that Decision-Makers Neglect the Probability in the Risk Assessment Method?

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Advanced Decision-Making Methods and Applications in System Safety and Reliability Problems

Part of the book series: Studies in Systems, Decision and Control ((SSDC,volume 211))

Abstract

In system safety and reliability, risk is defined as a combination of the likelihood and severity of a hazardous event. However, this paper argues that the decision-makers neglect the probability in the risk assessment method. Since risk probability cannot be understood adequately as a lack of intuitive grasp of probability, correct? We looked at a psychologist’s experiment and provided a transparent bridge with the probabilistic risk assessment methods in the system's safety and reliability. Such arguments would help decision-makers have viable insight into the system safety and reliability decision-making problem. As a result, the outcomes will be much more trustable and reliable.

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Authors and Affiliations

  1. School of Intelligent Systems Engineering, Sun Yat-Sen University, Shenzhen, China

    He Li

  2. Faculty of Engineering and Applied Science, Memorial University of Newfoundland, St. John’s, NL, Canada

    Mohammad Yazdi

Authors
  1. He Li
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  2. Mohammad Yazdi
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Correspondence to Mohammad Yazdi .

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Li, H., Yazdi, M. (2022). A Holistic Question: Is It Correct that Decision-Makers Neglect the Probability in the Risk Assessment Method?. In: Advanced Decision-Making Methods and Applications in System Safety and Reliability Problems. Studies in Systems, Decision and Control, vol 211. Springer, Cham. https://doi.org/10.1007/978-3-031-07430-1_10

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