Risk analysis and big data

Abstract

Big Data can help overcome various problems that exist in present risk analysis practices. By analysing systems as a whole, it is no longer necessary to define in advance what a failure is and what a success is. It is also possible to evaluate how factors that are considered to promote success can combine into catastrophic failures. Big in Big Data is relative. What was called big data 25 years ago is now called small. The continuous development of analysis techniques over the years have resulted in several operational models that use the concept of Big Data. They will become better as the technology and the accessibility of data further improves. With this new generation of systems models, accidents and incidents do not have to wait for analysis to after the fact. They can be studied beforehand in a model. Replacing hindsight by foresight can help to make the world safer, if we desire to do so.