Multiscale Modeling for Process Safety Applications

2.4. Present Approach to Process Safety

2.4.1. Risk and Hazard

“Hazard” and “risk” are often used interchangeably and treated as equivalent terms in informal communication. However, each term has its own distinct and precise usage in formal risk communication. A “hazard” is something with the potential to cause an undesired consequence by virtue of one or more of its inherent properties. Something with this potential is said to be “hazardous.” The severity of the consequences and the likelihood of those consequences are not addressed by “hazard.” The term “risk” is used to describe a measure of the probability of a consequence occurring and the severity of that consequence. Therefore, a “hazard” can be thought of as a potential source of ...