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Fitting Hierarchical Holographic Modeling into the Theory of Scenario Structuring and a Resulting Refinement to the Quantitative Definition of Risk
Author(s) -
Kaplan Stan,
Haimes Yacov Y.,
Garrick B. John
Publication year - 2001
Publication title -
risk analysis
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.972
H-Index - 130
eISSN - 1539-6924
pISSN - 0272-4332
DOI - 10.1111/0272-4332.215153
Subject(s) - structuring , computer science , holography , physics , optics , economics , finance
A point of view is suggested from which the Hierarchical Holographic Modeling (HHM) method can be seen as one more method within the Theory of Scenario Structuring (TSS), which is that part of Quantitative Risk Assessment having to do with the task of identifying the set of risk scenarios. Seen in this way, HHM brings strongly to our attention the fact that different methods within TSS can result in different sets of risk scenarios for the same underlying problem. Although this is not a problem practically, it is a bit awkward conceptually from the standpoint of the “set of triplets” definition of risk, in which the scenario set is part of the definition. Accordingly, the present article suggests a refinement to the set of triplets definition, which removes the specific set of scenarios, found by any of the TSS methods, from the definition of risk and casts it, instead, as an approximation to the “true” set of scenarios that is native to the problem at hand and not affected by the TSS method used.