What Is Risk

Chapter 2 defined risk as the severity of the consequences of an accident times the probability of its occurrence. In reality, the concept of risk is much deeper and needs to be discussed. Many different factors go into defining risk. There are also many different kinds of risk. And strangest of all, there are many different perceptions of risk. One of the first to try to pull all these different ideas together was Chauncey Starr. [Pg.340]

In 1969, Chauncey Starrpublished in Social Benefit versus Technological [Pg.340]

His seminal article brought forth the idea that the traditional engineering management method of cost-benefit risk analysis—equating risk to monetary return— was not sufficient to accurately determine the risk of technological systems. Starr argued that it is possible to quantify, to some extent, societal perceptions of risk and that these too should be included in the risk evaluation equation. [Pg.340]

Starr said that people judge risk based on whether it is a risk they voluntarily take or one that is thrust upon them. For example, many people mistakenly believe that riding in a car is less risky than flying on a commercial airliner. In fact, the risk is the same under certain conditions (see Table 13.1). But because people feel that they are controlling their destinies in a car, they feel that they can avert a disaster, whereas on an airliner, it wonld be impossible for a passenger to prevent a crash. [Pg.340]

As engineers, it is counterintuitive that calculating the risk and presenting the data are not snffident. Many feel that an increased risk of death of one in a million is acceptable to the popnlation. In Table 13.1, Wilson (1979) calculates and compares a variety of activities that increase the risk of death in any year by one in a million. All activities carry approximately the same amount of risk. [Pg.340]

What should I do with my money Should I save for the future or pay off my debts If I choose to save, how much money should I put into stocks How much should I put into bonds and cash With the stunning declines in the stock market during the early 2000s, should I even own stocks What is risk tolerance ... [Pg.318]

What is risk pooling How does it affect safety stock and transportation costs For what type of products risk pooling is beneficial ... [Pg.282]

What is Risk Mapping How is it used in risk management in supply chains ... [Pg.443]

What is risk management and how can it be used in a safety performance assessment program ... [Pg.139]

HSE.GOV.UK www.hse.gov.uk. http //mediumrisk.com/blog/what is risk matrix. [Pg.81]

Now, what is risk management Detailed discussions on risk management have been presented (in Clause 4 of Chapter 11) in brief, risk management consists of the following main headings as also shown in Fig. Vl/1.0-1. [Pg.386]

First is perhaps the most fundamental issue of all. What is risk management trying to achieve What does safety look like in organisational settings where errors occur frequently, risks are potentially catastrophic. [Pg.9]

An important and difficult task is concisely translating your requirements into study objectives. For example, if you need to decide between two methods of storing a hazardous chemical in a plant, the analysis objective should precisely define that what is needed is the relative difference between the methods, not the more general I want to know the risk of these two storage methods. And asking your QRA team for more than is necessary to satisfy your particular need is counterproductive and may create unnecessary liabilities. For any QRA to efficiently produce the necessary types of results, you must clearly communicate your requirements... [Pg.26]

The public s idea of what is most risky usually differs widely from the facts. Much of this stems from disproportionate media coverage of newsworthy hazards that are rare or unusual. This distorts many people s perspective on the relative magnitude of risks. Thus, some parents may not have their children vaccinated, fearing a rare reaction to the vaccine more than the overwhelmingly greater risk of dying from the disease. [Pg.57]

Ai the risk of misleading the reader, this section will just touch a few points concerning maintenance. One frequently asked question is, what is critical and what needs special consideration when performing maintenance on the centrifugal compressor While there are many areas that... [Pg.221]

The detail plan for each audit may include dates if it is to cover several days but the main substance of the plan will be what is to be audited, against what requirements, and by whom. At the detail level, the specific requirements to be checked should be identified based upon risks, past performance, and when it was last checked. Overall plans are best presented as program charts and detail plans as checklists. Audit planning should not be taken lightly. Audits require effort from auditees as well as the auditor so a well-planned audit designed to discover pertinent facts quickly is far better than a rambling audit which jumps from area to area looking at this or that without any obvious direction. [Pg.511]

What is the role of liiiinan health risk assessment in risk manageinent ... [Pg.296]

These outrage factors arc not distortions in the public s perception of risk. They are inborn parts of what is interpreted as risk. They are explanations of why the public fears pollutants in the air and water more tlum tliey do geological radon. The problem is that many risk experts resist tlie use of the public s "irrational fear" in their risk management. [Pg.413]

There are many risks people are subjected to in the plant, at home, and elsewhere that can cause harm, health problems, and/or death with plastic products representing very few. Precautions should be taken and enforced based on what is practical, logical, and useful. However, those involved in laws and regulations, as well as the public and, particularly the news media should recognize there is acceptable risk. [Pg.276]

The encouragement of experimentation throughout a whole-school environment or in a peer-group network reduces perceived risks, fiefore any substantial change to normal practice is made in a school in respect of a triplet relationship, all the teachers of chemistry and their heads of department and administrators should be aware of what is to happen and be broadly supportive of it. [Pg.342]

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