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Risk is the lack of certainty about the outcome of making a particular choice. Statistically, the level of downside risk can be calculated as the product of the probability that harm occurs (e.g., that an accident happens) multiplied by the severity of that harm (i.e., the average amount of harm or more conservatively the maximum credible amount of harm).
Population viability analysis (PVA) is a species-specific method of risk assessment frequently used in conservation biology.It is traditionally defined as the process that determines the probability that a population will go extinct within a given number of years.
The formula for calculating the NEPP is = where N = population size,; P d = prevalence of the disease,; P e = proportion eligible for treatment,; r u = risk of the event of interest in the untreated group or baseline risk over appropriate time period (this can be multiplied by life expectancy to produce life-years),
Incidence is usually more useful than prevalence in understanding the disease etiology: for example, if the incidence rate of a disease in a population increases, then there is a risk factor that promotes the incidence. For example, consider a disease that takes a long time to cure and was widespread in 2002 but dissipated in 2003.
Probabilistic risk assessment (PRA) is a systematic and comprehensive methodology to evaluate risks associated with a complex engineered technological entity (such as an airliner or a nuclear power plant) or the effects of stressors on the environment (probabilistic environmental risk assessment, or PERA).
Statistical risk is a quantification of a situation's risk using statistical methods.These methods can be used to estimate a probability distribution for the outcome of a specific variable, or at least one or more key parameters of that distribution, and from that estimated distribution a risk function can be used to obtain a single non-negative number representing a particular conception of ...
An event, however, is any subset of the sample space, including any singleton set (an elementary event), the empty set (an impossible event, with probability zero) and the sample space itself (a certain event, with probability one). Other events are proper subsets of the sample space that contain multiple elements. So, for example, potential ...
Risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. [1] The results of this process may be expressed in a quantitative or qualitative fashion. Risk assessment is an inherent part of a broader risk management strategy to help reduce any potential risk-related consequences. [1] [2]