Risk assessment is the determination of quantitative or qualitative value of risk related to a concrete situation and a recognized threat (also called hazard). Quantitative risk assessment requires calculations of two components of risk (R):, the magnitude of the potential loss (L), and the probability (p) that the loss will occur. Acceptable risk is a risk that is understood and tolerated usually because the cost or difficulty of implementing an effective countermeasure for the associated vulnerability exceeds the expectation of loss. In all types of engineering of complex systems sophisticated risk assessments are often made within Safety engineering and Reliability engineering when it concerns threats to life, environment or machine functioning. The nuclear, aerospace, oil, rail and military industries have a long history of dealing with risk assessment. Also, medical, hospital, social service and food industries control risks and perform risk assessments on a continual basis. Methods for assessment of risk may differ between industries and whether it pertains to general financial decisions or environmental, ecological, or public health risk assessment.
Related Posts
Recent Posts
- An Overview of Exploring SIDBI Schemes for MSME Success
- NSE SME to Main Board – Harnessing the Benefits of SME IPOs
- Impact of Entity DigiLocker Services for MSMEs & Many More
- MSME Competitive LEAN Scheme Empowers Small Manufacturers
- Will Fintech Lending Dominate Traditional Business?
Categories
- MSME Ecommerce
- MSME finance
- MSME Finance Guide
- MSME finance/ Block chain based funding
- MSME finance/ Invoice financing for MSME/ Short-term loans
- MSME Financing Gap
- MSME financing guide/ Nasdaq
- MSME Supply Chain Finance
- Opinion
- Policies & Updates
- Regulations & Compliance
- Schemes & Programs
- Startup Business
- UOB,OCBC and SME Business loans