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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]
A risk–benefit ratio (or benefit-risk ratio) is the ratio of the risk of an action to its potential benefits. Risk–benefit analysis (or benefit-risk analysis) is analysis that seeks to quantify the risk and benefits and hence their ratio. Analyzing a risk can be heavily dependent on the human factor.
For example, in a study examining the effect of the drug apixaban on the occurrence of thromboembolism, 8.8% of placebo-treated patients experienced the disease, but only 1.7% of patients treated with the drug did, so the relative risk is .19 (1.7/8.8): patients receiving apixaban had 19% the disease risk of patients receiving the placebo. [4]
A health risk assessment (HRA) is a health questionnaire, used to provide individuals with an evaluation of their health risks and quality of life. [5] Commonly a HRA incorporates three key elements – an extended questionnaire, a risk calculation or score, and some form of feedback, i.e. face-to-face with a health advisor or an automatic online report.
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).
Simple to calculate: In simple cases, manual computing can be used to calculate a basic score (although some scores use rely on more sophisticated or less transparent calculations that require a computer program). Easily interpreted: The result of the calculation is a single number, with a higher score usually means higher risk.
Performing a probabilistic risk assessment starts with a set of initiating events that change the state or configuration of the system. [3] An initiating event is an event that starts a reaction, such as the way a spark (initiating event) can start a fire that could lead to other events (intermediate events) such as a tree burning down, and then finally an outcome, for example, the burnt tree ...
The group exposed to treatment (left) has the risk of an adverse outcome (black) reduced by 50% (RRR = 0.5) compared to the unexposed group (right). In epidemiology , the relative risk reduction (RRR) or efficacy is the relative decrease in the risk of an adverse event in the exposed group compared to an unexposed group.