Calibration of the risk model for hazards related to the technical condition of the railway infrastructure

Abstract

Risk management is an increasingly important process for business entities operating in various industries. The essential problem in effective risk management is an appropriate calibration of the chosen risk model, which makes it possible to get results that are compatible with the feelings of the persons responsible for safety issues in a a given business entity. The paper presents the method of calibration of the risk model on the example of a model intended for hazards related to the technical condition of the railway infrastructure. A set of sample diagnostic recommendations ranked according to their subjectively evaluated validity was used for this purpose. The area of feasible solutions was defined and possible values of weights of accepted criteria were determined through computer simulation based on random number generator.