Wiktionary
n. 1 The overall process of identifying all the risks to and from an activity and assessing the potential impact of each risk. 2 The determination of the potential impact of an individual risk by measuring or otherwise assessing both the likelihood that it will occur and the impact if it should occur, and then combining the result according to an agreed rule to give a single measure of potential impact.
Wikipedia
Risk assessment is the determination of quantitative or qualitative estimate of risk related to a well-defined situation and a recognized threat (also called hazard). Quantitative risk assessment requires calculations of two components of risk (R): the magnitude of the potential loss (L), and the probability (p) that the loss will occur. An acceptable risk is a risk that is understood and tolerated usually because the cost or difficulty of implementing an effective countermeasure for the associated vulnerability exceeds the expectation of loss. "Health risk assessment" includes variations, such as risk as the type and severity of response, with or without a probabilistic context.
In all types of engineering of complex systems sophisticated risk assessments are often made within safety engineering and reliability engineering when it concerns threats to life, environment or machine functioning. The nuclear, aerospace, oil, rail and military industries have a long history of dealing with risk assessment. Also, medical, hospital, social service and food industries control risks and perform risk assessments on a continual basis. Methods for assessment of risk may differ between industries and whether it pertains to general financial decisions or environmental, ecological, or public health risk assessment.
Usage examples of "risk assessment".
I'll work on getting together a risk assessment methodology, so that you can make informed risk decisions.
This ought to help the airlines engage in more accurate risk assessment.
And your implication that I find a certain number of deaths acceptable only shows your ignorance of risk assessment.
We need extensive risk assessment before we trigger what could be a disaster.
People seek to invest event with meaning -- they want more from risk assessment than body counts.
And failures of these systems were the most likely of all-in the range, Sax said (though others contested his risk assessment methods), of one in every ten thousand approaches.
And failures of these systems were the most likely of allin the range, Sax said (though others contested his risk assessment methods), of one in every ten thousand approaches.
But we go on risk assessment, it's all that we can afford to do unless we get a definite tip-off.