Journal Article


Domain-independent approach to risk reduction

Abstract

The popular domain-specific approach to risk reduction created the illusion that efficient risk reduction can be delivered successfully solely by using methods offered by the specific domain. As a result, many industries have been deprived from efficient risk reducing strategy and solutions. This paper argues that risk reduction is underlined by domain-independent methods and principles which, combined with knowledge from the specific domain, help to generate effective risk reduction solutions. In this respect, the paper introduces a powerful method for reducing the likelihood of computational errors based on combining the domain-independent method of segmentation and local knowledge of the chain rule for differentiation. The paper also demonstrates that lack of knowledge of domain-independent principles for risk reduction misses opportunities to reduce the risk of failure even in such mature field like stress analysis. The domain-independent methods for risk reduction do not rely on reliability data or knowledge of physical mechanisms underlying possible failure modes and are particularly well suited for developing new designs, with unknown failure mechanisms and failure history. In many cases, the reliability improvement and risk reduction by using the domain-independent methods reduces risk at no extra cost or at a relatively small cost. The presented domain-independent methods work across totally unrelated domains and this is demonstrated by the supplied examples which range from various areas of engineering and technology, computer science, project management, health risk management, business and even mathematics. The domain-independent risk reduction methods presented in this paper promote building products and systems characterised by high-reliability and resilience.

Attached files

Authors

Todinov, Michael

Oxford Brookes departments

Faculty of Technology, Design and Environment\School of Engineering, Computing and Mathematics

Dates

Year of publication: 2019
Date of RADAR deposit: 2019-05-29


Creative Commons License This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License


Related resources

This RADAR resource is the Accepted Manuscript of Domain-independent approach to risk reduction

Details

  • Owner: Joseph Ripp
  • Collection: Outputs
  • Version: 1 (show all)
  • Status: Live