A Hybrid Method to Deal with Aleatory and Epistemic Uncertainty in Risk Assessment

Abstract

Risk assessment is an important and significant aid in the decision making process. Risk assessment is performed using 'model' and a model is a function of parameters which are usually affected by uncertainty. Some model parameters are affected by aleatory uncertainty and some others are affected by epistemic uncertainty. In this paper we propose a hybrid method to deal with propagation of both kinds of uncertainty within the same computation of risk.