STEMskiller: Skill Set Map for Mentors of Early Career Researchers


Understanding risk


Early career researchers often consider risk in terms of “risk management plans” related to projects (e.g., Horizon Europe projects; US National Science Foundation projects [sample risk management guide for large facilities]). Many kinds of risk exist for different kinds of “bag things” happening; mentees should be aware that the concept of “risk” is not limited to project risk but it can extend to personal, financial, occupational, and other kinds of risk.

Useful resources on Understanding risk:

MIT Open Courseware. (2007). Engineering Risk-Benefit Analysis.

Includes “reliability and probabilistic risk assessment” (RPRA, with: the logic of uncertainty; elements of probability theory; probability distributions; availability; data and epistemic uncertainties; statistics; probabilistic risk assessment; and risk management), decision analysis (DA, with: the multistage decision model; the value of perfect information; the axioms of rational behavior; introduction to utility; risk aversion; multiattribute utility theory; decision analysis and risk management) and "cost-benefit analysis" (CBA, with: background and fundamental premises; the time value of money; bases for comparison of alternatives, including uncertainty; evaluating public activities).

Wikipedia. (2020). Risk.

Basic overview of the different kinds of risks and links to additional resources. 

Tags: IPS IA; IPS QL; IPS PS; IAL IntL; CompQ; CompTS

Peer Review: None

Table of contents:

4.8. Understanding risk


Author: Stephanie Krueger

Peer Reviewer(s): None

Last Updated: October 28, 2021


Editor: Stephanie Krueger Last modified: 28.10. 2021 13:10