An Integrated Risk Analysis Method Using Spatial Interpolation

Abstract

Risk analysis is an essential process in risk management. Usually, risks are prioritized with both qualitative risk analysis and quantitative risk analysis. However, the result of qualitative and quantitative risk prioritization may not align with each other when applying existing methods. The inconsistency may prevent practitioners from performing risk management effectively. To resolve the problem, we suggest a process to combine quantitative risk analysis with qualitative risk analysis, and propose a new method for quantitative risk prioritization to fit the process by applying spatial interpolation. The proposed method was applied in a real-life project and was found to perform better than existing methods. Our method can help practitioners more effectively perform risk management.