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Failure Modes, effects, and Criticality Analysis is an excellent hazard analysis and risk assessment tool, but it suffers from other limitations. This alternative does not consider combined failures or typically include software and human interaction considerations. It also usually provides an optimistic estimate of reliability.
AHP stands for analytic hierarchy process – a multi-criteria decision-making (MCDM) method. In AHP, values like price, weight, or area, or even subjective opinions such as feelings, preferences, or satisfaction, can be translated into measurable numeric relations. The core of AHP is the comparison of pairs instead of sorting (ranking), voting ...
Failure mode and effects analysis. Failure mode and effects analysis (FMEA; often written with "failure modes" in plural) is the process of reviewing as many components, assemblies, and subsystems as possible to identify potential failure modes in a system and their causes and effects. For each component, the failure modes and their resulting ...
Bow-tie diagram. A bow-tie diagram is a graphic tool used to describe a possible damage process in terms of the mechanisms that may initiate an event in which energy is released, creating possible outcomes, which themselves produce adverse consequences such as injury and damage. The diagram is centred on the (generally unintended) event with ...
A risk evaluation means that judgements are made on the tolerability of the identified risks, leading to risk acceptance. When risk analysis and risk evaluation are made at the same time, it is called risk assessment. [1] As of 2023, chemical risk assessment follows these 4 steps: [4] hazard characterization.
Single-loss expectancy. Single-loss expectancy (SLE) is the monetary value expected from the occurrence of a risk on an asset. It is related to risk management and risk assessment. Single-loss expectancy is mathematically expressed as: Where the exposure factor is represented in the impact of the risk over the asset, or percentage of asset lost.
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