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Risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. [1] 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] [2]
PICO process. The PICO process (or framework) is a mnemonic used in evidence-based practice (and specifically evidence-based medicine) to frame and answer a clinical or health care related question, [1] though it is also argued that PICO "can be used universally for every scientific endeavour in any discipline with all study designs". [2]
Example of risk assessment: A NASA model showing areas at high risk from impact for the International Space Station. Risk management is the identification, evaluation, and prioritization of risks, followed by the minimization, monitoring, and control of the impact or probability of those risks occurring. [1]
The four-step risk assessment process. Environmental hazard identification is the first step in environmental risk assessment, which is the process of assessing the likelihood, or risk, of adverse effects resulting from a given environmental stressor. [6]
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 ...
Probabilistic risk assessment. Probabilistic risk assessment (PRA) is a systematic and comprehensive methodology to evaluate risks associated with a complex engineered technological entity (such as an airliner or a nuclear power plant) or the effects of stressors on the environment (probabilistic environmental risk assessment, or PERA). [1 ...
Performing a probabilistic risk assessment starts with a set of initiating events that change the state or configuration of the system. [3] An initiating event is an event that starts a reaction, such as the way a spark (initiating event) can start a fire that could lead to other events (intermediate events) such as a tree burning down, and then finally an outcome, for example, the burnt tree ...
Risk analysis (business) Risk analysis is the process of identifying and assessing risks that may jeopardize an organization 's success. It typically fits into a larger risk management framework. Diligent risk analysis helps construct preventive measures to reduce the probability of incidents from occurring, as well as counter-measures to ...