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Risk analysis

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To avoid confusion and misunderstanding among the many forms of risk analysis now in use, each may be identified clearly and distinguished by purpose and objective. Risk is classified as being predominantly an engineering design risk analysis, a company representation as to risk, a comparative risk rating, a predetermined risk rating, a programme management risk analysis, an attempt at enterprise risk control, a regulatory risk analysis, or a liability risk analysis. The resulting risk assessment may be adjusted by relative risk, combinatorial risk, risk allocation, risk management, tolerability, and by altered risks. Risk shifting may be accomplished by legislative attenuation, judicial variability, stewardship programmes, disinformation campaigns, and loss prevention efforts. A risk perception assessment is a supplemental consideration along with an evaluation of cultural factors and the need for risk reassessments. The relevance of data sources for the product, the user, and from system verification testing may be determined, and an uncertainty analysis performed. It is essential that risk, risk analysis, and risk assessment are understood fully in today's multidisciplinary environment.
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Keywords: ENGINEERING; ENGINEERING DESIGN; HUMAN FACTORS; QUALITY ASSURANCE; RELIABILITY; RISK ANALYSIS; RISK ASSESSMENT; SYSTEM SAFETY

Document Type: Research Article

Publication date: 1997-09-01

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