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A footnote to the balance sheet may describe the nature and extent of the contingent liabilities. The likelihood of loss is described as probable, reasonably possible, or remote. The ability to estimate a loss is described as known, reasonably estimable, or not reasonably estimable. It may or may not occur.
The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity.
The phrase So Far As is Reasonably Practicable (SFARP) in this and similar clauses is interpreted as leading to a requirement that risks must be reduced to a level that is As Low As is Reasonably Practicable (ALARP). The key question in determining whether a risk is ALARP is the definition of reasonably practicable.
Reasonably practicable is a narrower term than ‘physically possible’ and implies that a computation must be made... in which the quantum of risk is placed in one scale and the sacrifice involved in the measures necessary for averting the risk (whether in time, trouble or money) is placed in the other and that, if it be shown that there is a ...
While the term seems to originate in the insurance industry (which applies a form of the reasonable rule by determining, for example, whether it is reasonable for a particular medical procedure to be done on a particular client in order to determine if the medical insurance company will pay for that procedure), it applies in many other areas, including:
Therefore, to the same natural effects we must, as far as possible, assign the same causes." [20] [21] In the sentence hypotheses non fingo, Newton affirms the success of this approach. Bertrand Russell offers a particular version of Occam's razor: "Whenever possible, substitute constructions out of known entities for inferences to unknown ...
Reasonable cause [5] or reasonable and probable cause [7] ... If possible, verify the text with references provided in the foreign-language article.
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).