Application of the matrix approach in risk assessment

  • Nenad Kovačević University of Defence, Military Academy, Belgrade, Serbia
  • Aleksandra Stojiljković University of Novi Sad, Faculty of Economics, Subotica, Serbia
  • Mitar Kovač Educons” University, Faculty for Project and Innovation Management, Belgrade, Serbia
Keywords: decision-making, risk assessment, matrix approach

Abstract

The risk assessment process is based on risk management. Risk assessment is, in principle, an entirely empirical decision-making process, based on risk assessors’ knowledge and experience, necessary to identify (a) hazard(s) as the cause for risk by using specific and well-known and recognized methods so far. Currently, there are a large number of methods recognized for risk assessment, which are mostly formed by various organizations and associations of engineers, usually in insurance companies. The paper presents the most pragmatic matrix (qualitative) risk assessment methods, such as: a 3x3 matrix (OHSAS), a 4x4 matrix (AS/NZS 4360) and a 5x5 matrix (MIL-STD-882B). The paper is significant in that the matrix approach in risk assessment is the basis for the development of risk assessment methods, regardless of the method of the group which they belong to.

References

Certo, S. C. & Certo, S. T. (2008). Moderni menadžment. Zagrebačka škola ekonomije i menadžmenta, Zagreb
Crnjac, D. & Masle, D. (2013). The Possibility of Using Monte Carlo Method in the Case of Decision-Making under Conditions of Risk Concerning an Agricultural Economics Issue. Ekonomski vjesnik, 26/1, 309-313.
Damnjanović, K. & Janković, I. (2014). Normativna i deskriptivna teorija donošenja odluka u uslovima rizika. Theoria, pp. 25-50.
Kolev, D., Njegovanović, A. & Ćosić, P. K. (2015). Neuro-ekonomija kao savremena metoda istraživanja donošenja ekonomskih odluka. Časopis za ekonomiju i tržišne komunikacije, 10/2, 278-296.
Kovačević, N., Babić, B. & Dimitrijević N. (2017). Jedan pristup proceni rizika pri održavanju motornih vozila u Vojsci Srbije. Rizik i bezbednosni inženjering, Savić, B. (Ed.), pp. 30-39., Kopaonik, januar 2017, VTŠSS, Novi Sad
Kovačević, N., Đorđević, N. & Kovač, M. (2019). Primena menadžmenta rizikom u realizaciji nastavno-obrazovnog procesa u Vojnoj akademiji. Vojno delo, 71/6, 166-199.
Kovačević, N. & Stoiljković, A. (2019). Risk assessment in engineering protection-matrix approach. Security and crisis management-theory and practice, Komazec, N. (Ed.), pp. 41-49., October 2019, Rabek, Belgrade
Milićević, A., Pavličić, D. & Kostić, A. (2007). Odlučivanje u uslovima rizika i teorija izgleda. Psihologija, 40/1, 147-164
Mišković, V. (2016). Sistemi za podršku odlučivanju. Univerzitet Singidunum, Beograd
Nikolić, B. & Gavanski, D. (2010). Mašine, oruđa za rad, uređaji radno mesto i okolina. VTŠSS, Novi Sad
http://www.risk assessment matrix.com Accessed 18 June 2019.
Published
2019-12-11
How to Cite
Kovačević, N., Stojiljković, A., & Kovač, M. (2019). Application of the matrix approach in risk assessment. Operational Research in Engineering Sciences: Theory and Applications, 2(3), 55-64. Retrieved from https://www.oresta.org/index.php/oresta/article/view/32