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If there is a major, costly, outdoor event planned for tomorrow then there is a risk since there is a 10% chance of rain, and rain would be undesirable. Furthermore, if this is a business event and $100,000 would be lost if it rains, then the risk has been quantified (a 10% chance of losing $100,000).
Words of estimative probability (WEP or WEP s) are terms used by intelligence analysts in the production of analytic reports to convey the likelihood of a future event occurring. A well-chosen WEP gives a decision maker a clear and unambiguous estimate upon which to base a decision. Ineffective WEPs are vague or misleading about the likelihood ...
The continuous assessment of risk in the rapidly changing circumstances of an operational incident, in order to implement the control measures necessary to ensure an acceptable level of safety. [19] Dynamic risk assessment is the final stage of an integrated safety management system that can provide an appropriate response during changing ...
Threshold dose is a dose of drug barely adequate to produce a biological effect in an animal. In dose-response assessment, the term ‘threshold dose’ is refined into several terminologies, such as NOEL, NOAEL, and LOAEL. They define the limits of doses resulting in biological responses or toxic effects. [3] Common responses are alterations ...
As low as reasonably practicable (ALARP), or as low as reasonably achievable (ALARA), is a principle in the regulation and management of safety-critical and safety-involved systems. [1][2] The principle is that the residual risk shall be reduced as far as reasonably practicable. In UK and NZ Health and safety law, it is equivalent to so far as ...
A population bottleneck or genetic bottleneck is a sharp reduction in the size of a population due to environmental events such as famines, earthquakes, floods, fires, disease, and droughts; or human activities such as genocide, speciocide, widespread violence or intentional culling. Such events can reduce the variation in the gene pool of a ...
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).
Operational risk management (ORM) is defined as a continual recurring process that includes risk assessment, risk decision making, and the implementation of risk controls, resulting in the acceptance, mitigation, or avoidance of risk. ORM is the oversight of operational risk, including the risk of loss resulting from inadequate or failed ...