This chapter summarizes general guidelines on risk management. The common approach to risk reduction is the domain‐specific approach which relies heavily on root cause analysis and detailed knowledge from the specific domain. The domain‐specific approach to risk reduction created an illusion: that efficient risk reduction can be delivered successfully solely by using methods offered by the specific domain without resorting to general methods for risk reduction. The direct consequence of this illusion is that many industries have been deprived from effective risk‐reducing strategy and reliability improvement solutions. A common approach to reliability improvement is to select a statistical‐based, data‐driven approach. To overcome the major deficiency of the data‐driven approach, the chapter discusses the physics‐of‐failure approach. It also argues that many of the principles for technical risk reduction with general validity are rooted in the reliability and risk theory and cannot possibly be deduced from the general inventive principles formulated in TRIZ.
Faculty of Technology, Design and Environment\School of Engineering, Computing and Mathematics
Year of publication: 2019Date of RADAR deposit: 2019-02-07
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