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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).
Hazard maps created for flooding are also used in insurance rate adjustments. [3] Hazard maps can also be useful in determining the risks of living in a certain area. [3] Hazard maps can help people become aware of the dangers they might face from natural disasters in a specific area. [1]
A disaster hazard is an extreme geophysical event that is capable of causing a disaster. 'Extreme' in this case means a substantial variation in either the positive or the negative direction from the normal trend; flood disasters can result from exceptionally high precipitation and river discharge, and drought is caused by exceptionally low ...
When used as part of an aviation hazard analysis, a "Likelihood" is a specific probability. It is the joint probability of a hazard occurring, that hazard causing or contributing to an aircraft accident or incident, and the resulting degree of loss or harm falling within one of the defined severity categories.
A natural disaster is the highly harmful impact on a society or community following a natural hazard event. The term "disaster" itself is defined as follows: "Disasters are serious disruptions to the functioning of a community that exceed its capacity to cope using its own resources.
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]
This is an accepted version of this page This is the latest accepted revision, reviewed on 24 December 2024. Event resulting in major damage, destruction or death For other uses, see Disaster (disambiguation). Ruins from the 1906 San Francisco earthquake, one of the worst disasters in the history of the United States A disaster is an event that causes serious harm to people, buildings ...
The Swiss cheese model of accident causation is a model used in risk analysis and risk management. It likens human systems to multiple slices of Swiss cheese , which has randomly placed and sized holes in each slice, stacked side by side, in which the risk of a threat becoming a reality is mitigated by the differing layers and types of defenses ...