Chapter 2Risk Concepts
Risk: the probability that a substance or situation will produce harm under specific conditions. Risk is a combination of two factors: the probability that an adverse event will occur and the consequences of the adverse event.
The Presidential/Congressional Commission on Risk Assessment & Risk Management, Vol. 1, 1997
2.1 Introduction
Risk is a concept used in the chemical industry and by practicing chemical engineers. The term risk is multifaceted and is used in many disciplines such as: finance (rate of return for a new plant or capital project, process improvement, etc.), raw materials supply (single source, back integration), plant design and process change (new design, ...
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