ABSTRACT
In an age of increasing complexity and uncertainty risk management has become a default component and practice of many different organizations, assets, processes, etc. Consequently a variety of theoretical concepts, approaches and methodologies have been developed (Aven and Zio, 2012). However, in general, risks are often analyzed in the context of their potential impacts on human health and the environment as well as economic losses (Jonkman et al., 2003), and assessments are used as tool to provide an objective and transparent evaluation that enables informed decision-making. For this purpose, the choice of adequate and understandable risk metrics is indispensable (Johansen and Rausand, 2014). In general, three basic risk management strategies, or risk-based approaches, can be distinguished, including: threshold levels, risk reduction activities using the precautionary principle, and standards derived from discursive
nowadays included in a comprehensive assessment of sustainability and energy security concerns (Burgherr and Hirschberg, 2014, Burgherr et al., 2013).
