Terms

As Low as Reasonable Practicle - A principle stating that risk should be reduced to a level that is as low as reasonable practicle, unless the it can be demonstrated tat the cost are in gross disproportion to the benefits gained

A,C,U - Risk is the consequences C of the activity A, and assosiated uncertainties U

C, U|A - The consequences C and assosiated uncertainties, given an event A (Risk source)

The systems ability to restore to its basic functionality following an event, risk source. Is an aspect of vulnerability.

Acceptable level of risk, antonym of risk

Acceptable level of risk, when we restricting risk to intentional, malicious acts by intellegent actors

A’, C’, Q (P og SoK), K

Extreme, surprising event relative to one’s knowledge

Fatal Accident Rate, expected fatalities per 100 mill exposed hours

Potential Loss of Lives,fatalities per year

Implied Cost of Averting a Fatality

(P|K) The assesors has the same degree of belief that event A will happen, as drawing a red ball out of an urn with 10 balls, containing x red balls

Is the fraction of time the event considered occurs if the situations can be repeated infinetely many times under similiar conditions. Captures variation.

Individual Risk - Probability that a specific person is killed in a year.

Covers generic concepts, principles, approaches and methods to understand, assess, characterize, communicate, manage and govern risk.

Concepts, principles, approaches, methods and models for risk analysis for specific activities.

Reduction of vulnerability given an event

Refers to all activities used to address risk: - Reduction - Avoidance - Sharing - Acceptance

Lowering the probability or eliminating the risk source completely.

If the consequences of the activity could be serious and subject to (pre: scientific) uncertainties, then cautionary measurement should be taken, or the activity should not be carried out.

psychometric paradigm

Is a persons subjective judgement or appraisal of risk, taking into account social, cultural and psychological factors.

An approach where the goal is not to transform all various concerns into one dimention, but to provide judgements on each attribute, using both qualitative and quantitative methods

The systems ability to work as intended