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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).
ISO 12100 Safety of machinery – General principles for design – Risk assessment and risk reduction ISO/IEC 12139 Information technology – Telecommunications and information exchange between systems – Powerline communication (PLC) – High speed PLC medium access control (MAC) and physical layer (PHY)
For each deviation, the team identifies feasible causes and likely consequences then decides (with confirmation by risk analysis where necessary, e.g., by way of an agreed upon risk matrix) whether the existing safeguards are sufficient, or whether an action or recommendation to install additional safeguards or put in place administrative ...
LOPA is a risk assessment undertaken on a 'one cause–one consequence' pair. The steps of a LOPA risk assessment are: [4] Identify the consequences, using a risk matrix; Define the risk tolerance criteria (RTC), based on the tolerable/intolerable regions on the risk matrix; Define the relevant accident scenario, e.g. mechanical or human failure
Figure A.1 cannot be used for risk assessment. Examples of a risk matrix and a risk decision tree are given in ISO/TR 14121-2. [9] Risk assessment is typically done in at least two cycles, the first to determine the intrinsic risk, and the second to determine the risk reduction achieved by the control measures implemented in the design.
IEC 61508 is an international standard published by the International Electrotechnical Commission (IEC) consisting of methods on how to apply, design, deploy and maintain automatic protection systems called safety-related systems.