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Risk analysis is a tool for investigating and reducing uncertainty related to outcomes of future activities. Probabilities are key elements in risk analysis, but confusion about interpretation and use of probabilities often weakens the message from the analyses. Under the predictive, epistemic approach to risk analysis, probabilities are used to express(More)
Lately there has been an increasing focus on risk based maintenance optimization in the offshore industry prompted by new functional regulations on risk. In this paper we present alternative probabilistic frameworks for this optimization, using a Bayesian approach. Some key features of the frameworks are discussed, including uncertainty treatment and type(More)
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