data Archives - Riskope

Data in probabilities assessment

Data in probabilities assessment constitute an everyday conundrum. The key question is what constitutes essential (understood as basic, indispensable) and ideal (understood as “perfect”) data set. There is no “simple” answer to that question. Consider that we often deal with prototypes or new facilities before commissioning. Past performances may not reflect future behavior because of system or climatic changes. Indeed, any internal or external change to the system has the potential to prove assumptions wrong. In particular, that past experiences…