Risk
By DarthVader
Date: 2022-05-14
Topic: 112 see comments
Post views: 13673
Risk
The risk associated with a particular hazard is the chance that somebody could be harmed, together with an indication of how serious the harm could be. Hence risk is often expressed in the form of an equation:
Risk = Severity of harm × Likelihood of occurence.
A common way to use this equation is to rank both severity and likelihood on a scale of 1 to 5, and to set thresholds for action based on the result.
ALARP
One concept of risk tolerability requires that measures be taken to reduce the likelihood of hazards and to limit their consequences until further reduction of risks cannot be justified.
Putting it another way, the risks to individuals and to society should be as low as reasonably practicable (ALARP). This system was first developed in the UK and adopted by the EU as (BATNEEC) best available techniques not entailing excessive cost.
In some situations deciding whether a risk is ALARP can be challenging as it requires a degree of judgement as well as an economic evaluation.
Redundancy
Another concept in risk management is having multiple control systems and back up measures in place so if one system fails another remains in place to prevent the risk of failure. One example of this is the dual skinned protective structure of nuclear reactor buildings, where if the outer wall is breached the inside of the reactor building is not exposed to the environment.
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