Process used to detect hazards and their causes and to assess risks resulting from them in terms of quality and quantity.
Criteria such as the probability of occurrence of an adverse event, the extent of damage, geographical spread and temporal extension of damage, possible repairability of damage, delay between event occurrence and subsequent consequences as well as social reactions, which may occur when violating individual, social or cultural interests or values, are of importance when assessing the general risk level.
In many cases, the product of the probability of occurrence of damage and the severity of the potential damage is used for technical risk assessment.
Mathematically formulated: R = W x S. With R = risk level, W = probability of occurrence of damage, S = amount of damage expressed in suitable loss units (currency units, injured persons, dead persons).
Since absolute safety in the sense of freedom from any risks cannot be provided in the field of technology, just as anywhere else in life, the task is to reduce potential risks to an acceptable minimum (
tolerable risk) within the framework of a targeted
risk management.
