Risk Combinations in the Risk Analysis and Management

Abstract

The analogies between the risks carried by entities and the physical loads affecting building and engineering structures can be applied in the studies of risks forming groups arranged according to specified definitions. Four classes of relations among risks belonging to a particular hazard are to be distinguished: existential, sequential, physical, and statistical. The type and number of possible groupings of combined risks, called "risk combinations", depends upon the type of existential and sequential relations among the risks affecting the respective entity. The results of the analysis from this study can be used in decision makings on which risks are to be considered in the decisions. The combined-risk problem relates to various fields of risk engineering and management as, such as seismic engineering, medicine, agriculture, economic engineering.

Keywords

• Combined risks
• multiple perils
• combination
• existential relation
• sequential relation
• estimate