A new approach for an unitary risk theory

TL;DR

This paper introduces a novel risk assessment algorithm based on hyperbolic curves, integrating probability and impact to evaluate risk in a unified framework, with practical numerical application and conclusions.

Contribution

It presents a new risk algorithm utilizing parallel hyperbolic curves, offering a unified approach to risk assessment not previously detailed.

Findings

The risk algorithm effectively combines probability and impact.

Numerical application demonstrates the algorithm's practical utility.

Conclusions highlight the algorithm's potential for risk analysis.

Abstract

The work deals with the risk assessment theory. An unitary risk algorithm is elaborated. The algorithm is based on parallel curves. The basic curve of risk is a hyperbolic curve, obtained as a multiplication between the probability of occurrence of certain event and its impact. Section 1 contains the problem formulation. Section 2 contains some specific notations and the mathematical background of risk algorithm. A numerical application based on risk algorithm is the content of section 3. Section 4 contains several conclusions.