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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).
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 assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. [1] [2] 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] [3]
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.
Some examples of risk sources are: stakeholders of a project, employees of a company or the weather over an airport. Problem analysis [citation needed] – Risks are related to identified threats. For example: the threat of losing money, the threat of abuse of confidential information or the threat of human errors, accidents and casualties.
Specific to public health policy, a determinant is a health risk that is general, abstract, related to inequalities, and difficult for an individual to control. [2] [3] [4] For example, poverty is known to be a determinant of an individual's standard of health. Risk factors may be used to identify high-risk people.
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 ...
For example, a risk of 9 out of 10 will usually be considered as "high risk", but a risk of 7 out of 10 can be considered either "high risk" or "medium risk" depending on context. The definition of the intervals is on right open-ended intervals but can be equivalently defined using left open-ended intervals ( τ j − 1 , τ j ] {\displaystyle ...