A new approach for risk assessment: the cartesian product method

In this study, a new risk scoring method, the Cartesian product method, is proposed. While existing risk scoring methods accept a single value for probability and severity parameters, the proposed method accepts a range for both probability and severity parameters for the risk related to the identified hazard source. The importance of the Cartesian product method is demonstrated by a real application study and compared with matrix and Fine-Kinney methods. Furthermore, a cloud software called CPMRisk is designed for easy understanding and application of the method.