Quantitative Risk Assessment

Identifying, understanding, and managing risks is an imperative tool in preventing accidents during the course of business operations. Engaging in emergency preparedness and preventing harm to human health and the environment can be significantly informed by undertaking a risk assessment.

Risk assessment is a scientific process that defines, identifies, and analyzes the nature and magnitude of risks, uncertainties of the risk, and its impacts. It can involve either quantitative or qualitative analysis. Risk assessment is used to establish priorities in which the decision maker is able to target the allocation of resources according to the immediacy and acuteness of the threats in order to make unwanted events less likely to happen, according to the U.S. Department of Health and Human Services. In this way, it contributes ...