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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 fire danger index of between 12 and 25 on the index is generally considered a "high" degree of danger, while a day having a danger index of over 50 is considered a "severe" fire danger rating. Above this level in 2010 a distinction was made between forest and grassland fuels.
NFDRS is a complex set of equations with user-defined constants and measured variables to calculate the daily index and components that can be used for decision support. [3] A Fire Danger Rating level takes into account current and antecedent weather, fuel types, and live and dead fuel moisture. [5]
The first step in hazard analysis is to identify the hazards. If an automobile is an object performing an activity such as driving over a bridge, and that bridge may become icy, then an icy bridge might be identified as a hazard.
The relative risk (RR) or risk ratio is the ratio of the probability of an outcome in an exposed group to the probability of an outcome in an unexposed group. Together with risk difference and odds ratio , relative risk measures the association between the exposure and the outcome.
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]
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An example of residual risk is given by the use of automotive seat-belts. Installation and use of seat-belts reduces the overall severity and probability of injury in an automotive accident ; [ 2 ] however, probability of injury remains when in use, that is , a remainder of residual risk.