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Updated: Aug 22, 2026

An R-Based Landscape Validation of a Competing Risk Model
Published on: September 16, 2022
Expressing economic risk--review and presentation of a unifying approach
Terje Aven1, Espen Fyhn Nilsen, Thomas Nilsen
1University of Stavanger, Norway. terje.aven@tn.his.no
Abstract:
Risk related to economic values is treated by many disciplines, including safety and production engineering, business, and project management. Within each of these and across these disciplines different nomenclature and principles are adopted for describing and communicating risk. The situation is rather confusing. In this article, we review various approaches and concepts that are used to express risk. We present and discuss a unifying approach for dealing with economic risk, with uncertainty being the key risk concept. The approach represents a rethinking on how to implement the Bayesian paradigm in practice to support decision making.
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