Oil and gas are also victims of risk matrix

A recent paper entitled The Risk of Using Risk Matrices shows that Oil and gas are also victims of risk matrix. The paper analyses the widespread use of Probability Impact Graphs (PIGs, risk matrix) in Oil and Gas (O&G). It comes to very similar conclusions to those reached by other academics and practitioners and us! “Classic” Risk Matrices deficiencies Risk-Acceptance Inconsistency. The regions depicted in common practice PIGs (Risk matrix, Example 1 later on ) feature arbitrary stepped borders which…

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