Reliability and Risk Analysis, 2nd Edition

9 Risk Analysis

DOI: 10.1201/9781003307495-9

It is of considerable interest to measure potential losses from failure in terms of, for example, loss of human life, adverse health effects, loss of property, loss of mission, and damage to the environment. This falls into the field of study known as risk analysis. Within risk analysis, one element is risk assessment which is defined as a systematic process to comprehend the nature of risk and express risk, with the available knowledge (Aven et al., 2018, p. 8). This definition is often also used for risk analysis, but typically the term risk analysis is understood as a broader term than risk assessment, where the field of risk analysis is defined to include risk assessment, risk characterization, ...