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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).
Qualitative risk analysis is a technique used to quantify risk associated with a particular hazard. Risk assessment is used for uncertain events that could have many outcomes and for which there could be significant consequences. Risk is a function of probability of an event (a particular hazard occurring) and the consequences given the event ...
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 ...
Another tool that can be used to simplify the definition of events is a state table. Columns in the state table represent events; rows represent the states of an activity. Information for each event in each state includes four properties of event subscription: probability, moment of event, excited state, and impact of the event.
There are several basic types of impact calculus that compare the impacts of the plan to the impacts of a disadvantage: Probability (one impact is more realistic than the other) e.g. Economic collapse is more seriously realistic than an outbreak of grey goo, therefore the risk of economic collapse outweighs the probability of a grey goo ...
According to the British sociologist Anthony Giddens, a risk society is "a society increasingly preoccupied with the future (and also with safety), which generates the notion of risk", [3] whilst the German sociologist Ulrich Beck defines it as "a systematic way of dealing with hazards and insecurities induced and introduced by modernisation itself".
Risk score are designed to represent an underlying probability of an adverse event denoted {=} given a vector of explanatory variables containing measurements of the relevant risk factors. In order to establish the connection between the risk factors and the probability, a set of weights β {\displaystyle \beta } is estimated using a ...