Risk

A risk is the chance, high or low, that a hazard will cause harm, injury, ill health, damage or loss. In brief, it is the probability that something will cause injury or harm.

In workplace, it is the probability of a worker suffering an injury or health problem, or of damage occurring to property or the environment as a result of exposure to or contact with a hazard.

Risk combines both the consequence and probability to prove and evaluation of the significance of a hazard scenario.

It is also a measure of the probability and severity of an adverse effect to life, health, property, or the environment. In the general case, risk is estimated by the combined impact of scenario, probability of occurrence and the associated consequence. In the special case, average risk is estimated by the mathematical expectation of the consequences of an adverse event occurring, that is, the product of the probability of occurrence and the consequence, combined over all scenarios.

Nearby pages
Risk analysis, Risk analysis phase, Risk assessment, Risk characterization, Risk characterization phase, Risk Class