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A Risk-Science Approach to Vulnerability Classification.

Shital A Thekdi1, Terje Aven2

  • 1University of Richmond, Richmond, VA, USA.

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Summary
This summary is machine-generated.

This study introduces a dynamic framework for understanding system vulnerabilities, moving beyond static definitions. It classifies vulnerability dimensions for better risk management in engineering, business, and healthcare.

Keywords:
COVID-19risk sciencevulnerability

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Area of Science:

  • Risk Management and System Dynamics
  • Engineering, Business, and Healthcare Systems Analysis

Background:

  • Established vulnerability definitions are static, limiting their application in dynamic environments.
  • Recent advancements in risk modeling and data processing necessitate a more nuanced understanding of vulnerability.
  • Existing concepts like sensitivity analysis and fragility require reconciliation with dynamic vulnerability properties.

Purpose of the Study:

  • To classify dynamic characteristics of system vulnerability across diverse fields.
  • To integrate multidimensional vulnerability properties into risk management decision-making.
  • To explore the implications of various vulnerability types on managing collections of risk events.

Main Methods:

  • Development of a classification system for dynamic system vulnerability.
  • Reconciliation of dynamic vulnerability with existing risk assessment concepts.
  • Application of the classification framework to real-world scenarios, using COVID-19 as a case study.

Main Results:

  • A novel classification of dynamic system vulnerability characteristics.
  • Demonstration of how multidimensional vulnerability properties inform risk management.
  • Proof-of-concept illustrating vulnerability classification applied to the COVID-19 pandemic.

Conclusions:

  • Dynamic and multidimensional vulnerability assessment is crucial for effective risk management.
  • The proposed framework enhances decision-making for complex systems facing various risks.
  • This approach offers valuable insights for both risk researchers and practitioners.