RISKASSESSMENT

Risk assessment

Risk assessment is the determination of quantitative or qualitative value of risk related to a concrete situation and a recognized threat . Quantitative risk assessment requires calculations of two components of risk :, the magnitude of the potential loss , and the probability that the loss will occur. Acceptable risk is a risk that is understood and tolerated usually because the cost or difficulty of implementing an effective countermeasure for the associated vulnerability exceeds the expectation of loss.

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risk assessment

Noun

  1. The overall process of identifying all the risks to and from an activity and assessing the potential impact of each risk.
  2. The determination of the potential impact of an individual risk by measuring or otherwise assessing both the likelihood that it will occur and the impact if it should occur, and then combining the result according to an agreed rule to give a single measure of potential impact.


The above text is a snippet from Wiktionary: risk assessment
and as such is available under the Creative Commons Attribution/Share-Alike License.

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