Risk analysis

Risk analysis systematically identifies hazards, estimates their likelihood and consequences, and evaluates their significance in an engineered system, process, or project.

Hazard identification: The systematic recognition of conditions or events that could cause harm. It establishes which harmful events the analysis must examine.
Hazard: A condition or source with the potential to cause harm. It is the potential source of the outcomes being analyzed.
Probabilistic risk assessment: A quantitative approach that estimates the likelihood and consequences of hazardous events. It provides a formal framework for combining event likelihoods and outcomes.
Risk management: The coordinated selection and implementation of measures to modify and monitor risk. Analysis estimates and evaluates risk; management selects and implements responses.
Risk assessment: The process of identifying, analyzing, and evaluating risks. Risk analysis supplies the analytical core of this broader process.
Probability: A numerical measure of how likely an event is to occur. It expresses the likelihood component of many risk estimates.
Reliability engineering: The discipline of designing and evaluating systems to perform without failure for specified periods. Its failure and performance models supply inputs to engineering risk analyses.
Safety engineering: The engineering discipline concerned with preventing accidents and reducing harm. It designs safety into systems, while risk analysis evaluates their risks.
Failure mode and effects analysis: A structured technique that examines component failure modes and their effects on a system. It traces specific failures to consequences and prioritizes corrective action.
Consequence analysis: The estimation of effects that follow an event or failure. It characterizes the severity side of the risk calculation.

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Probability theoryRelated: Probability provides tools for comparing uncertain hazards and decisions.