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Risk Analysis Introduction

Risk analysis is a distinct science covering risk assessment, perception, communication, management, governance and policy in the context of risks of concern to individuals, public- and private-sector organizations, and society at a local, regional, national, or global level. 

Uniquely, risk analysis is applicable to nearly every facet of life (daily systems, politics, climate change, natural phenomena, medical treatments, etc.) and is fundamental to a wide variety of academic disciplines, from the physical and social sciences to the humanities. 

Risk science methodologies are used to make informed decisions and to see patterns and models in data that help interpret randomness and uncertainty in order to draw conclusions and make decisions about the topic or issue being studied.

To solve complex societal issues, risk analysis approaches and methods are combined with knowledge from statistics, psychology, social sciences, engineering, medicine and many other disciplines and fields. Most global problems require the multidisciplinary and interdisciplinary approaches and activities found in risk analysis.

Risk science research is conducted on risk analysis concepts, principles and methods in order to conceptualize and describe risk and implement its insights.

Thus, risk analysis is not only a science supporting the knowledge generation of risk related to various factors of life, but also a science producing knowledge related to concepts, theories, principles, models and methods regarding how to understand, assess, characterize, communicate, manage and govern risk. 

What is Risk, developed by Terje Aven, Ph.D.