Provenance Documents

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Provenance should be openly available and can be accessed to support transparency. Therefore, it need to be standardized, so provenance data can be exchanged and interlinked among applications. To achieve that, W3C defines a standard language for exchanging provenance called PROV. PROV is intended to facilitate the machine-processable data model for provenance. By providing a standardized vocabulary to describe flow of data, process, and responsibility, an application can be enriched with data-lineage about the origin of data. The abstract model and serialization of PROV is depicted below.
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Risk – Management / Analysis

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RISK MANAGEMENT can be explained as a management function the object of which is the protection of people, assets and earnings by avoiding or minimising the potential for loss from pure risk, and the provision of funds to recover from losses that do occur. Risk Management involves the systematic identification, evaluation and control of all identified potential losses.

The aim of Risk Management is to develop a structured way of identifying and assessing the probabilities and consequences of risk, and selecting appropriate risk strategies to reduce the probability of, or losses associated. Moreover, analyse risk can provide decision support by systematization of knowledge to describe/express risk and how to mitigate the risk. Continue reading

Risk – Definition

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Risk can be defined as a chance of danger, damage, loss, injury, or any other undesired consequences. Most authors agree that RISK involves 2 elements, possible consequences (impact) and associated uncertainty (probability of occurrence). The probability of p is defined as the fraction of times the accidental event A occurs if the activity considered were repeated an infinite number of times. Thus, probability can be used as a measure of uncertainty which is defined as the perceived inability to predict something accurately. In addition, when assessing and managing RISK, we need to encounter both the consequences of losses and the probability of risky events. Continue reading