Talk:Risk assessment

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It would seem to me like a good idea to move the section on health risk assessment to a new page? Is anyone in disagreement? --Jimjamjak 15:37, 29 November 2006 (UTC) Dbavale 10:46, 3 April 2007 (UTC) It would be helpful if someone writes on Rish Assessment Methodology...

To me, risk assessment methodology can either be general or specific. For examples, the risk assessment in environment for a specific component is very different from that of finance to that of disease control.

[edit] Preliminary Hazard Analysis (PHA) is a risk assessment tool. Please...

do not mop it up. If one Google this term, it will bring lots of search returns

[edit] Explaining the Explanation

I don't think the mathematical notation helps. Would it not be simpler to say something like:

Risk of anything = Magnitude of Potential Loss multiplied by Probability of that Loss

and then

Total Risk = Sum of all Individual Risks

NRPanikker 18:48, 30 September 2007 (UTC)

Not only is the mathematical explanation confusing, but it is also wrong. It treats risk like expected values that can be summed because they are independent events. The risk associated with two bad events occurring is usually much worse than the sum of one or the other occurring. As an extreme example, losing the use of half your brain is “bad” but survivable. Losing both halves is much worse than “very bad.” If the objective is to mathematically show the impact of either of two events occurring, but not both, the formula is still wrong because the intersection of the two events needs to be subtracted out. —Preceding unsigned comment added by Cpaulw (talk • contribs) 21:30, 2 October 2007 (UTC)

The method at http://www.rdware.com/Riskit/index.html hints at a different way to calculate risk. (Scroll down to Sections 4 and 5. I may be biased because I was exposed to their marketing :-) In the meantime, isn't the formula on the main page still the essence of how most practitioners calculate and manipulate risks in real life?-- era (Talk | History) 18:59, 3 December 2007 (UTC)

kathryn ingram, rhian davy, steph kinver, lianne oakley —Preceding unsigned comment added by 82.152.10.36 (talk) 10:45, 8 October 2007 (UTC)