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Risk Assessment
Broadly speaking, a risk assessment is the combined effort of: # identifying and analyzing potential (future) events that may negatively impact individuals, assets, and/or the environment (i.e. hazard analysis); and # making judgments "on the tolerability of the risk on the basis of a risk analysis" while considering influencing factors (i.e. risk evaluation). Put in simpler terms, a risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. The results of this process may be expressed in a quantitative or qualitative fashion. Risk assessment is an inherent part of a broader risk management strategy to help reduce any potential risk-related consequences. Need Individual risk assessment Risk assessment are done in individual cases, including patient and physician interactions. Individual judgements or assessments of risk may be affected by psychological, ideological, religious or otherwise subjective factors, which impa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hazard Analysis
A hazard analysis is used as the first step in a process used to assess risk. The result of a hazard analysis is the identification of different types of hazards. A hazard is a potential condition and exists or not (probability is 1 or 0). It may, in single existence or in combination with other hazards (sometimes called events) and conditions, become an actual Functional Failure or Accident (Mishap). The way this exactly happens in one particular sequence is called a scenario. This scenario has a probability (between 1 and 0) of occurrence. Often a system has many potential failure scenarios. It also is assigned a classification, based on the worst case severity of the end condition. Risk is the combination of probability and severity. Preliminary risk levels can be provided in the hazard analysis. The validation, more precise prediction (verification) and acceptance of risk is determined in the risk assessment (analysis). The main goal of both is to provide the best selection of m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Of Large Numbers
In probability theory, the law of large numbers (LLN) is a theorem that describes the result of performing the same experiment a large number of times. According to the law, the average of the results obtained from a large number of trials should be close to the expected value and tends to become closer to the expected value as more trials are performed. The LLN is important because it guarantees stable long-term results for the averages of some random events. For example, while a casino may lose money in a single spin of the roulette wheel, its earnings will tend towards a predictable percentage over a large number of spins. Any winning streak by a player will eventually be overcome by the parameters of the game. Importantly, the law applies (as the name indicates) only when a ''large number'' of observations are considered. There is no principle that a small number of observations will coincide with the expected value or that a streak of one value will immediately be "balanced ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Genetics
Genetics is the study of genes, genetic variation, and heredity in organisms.Hartl D, Jones E (2005) It is an important branch in biology because heredity is vital to organisms' evolution. Gregor Mendel, a Moravian Augustinian friar working in the 19th century in Brno, was the first to study genetics scientifically. Mendel studied "trait inheritance", patterns in the way traits are handed down from parents to offspring over time. He observed that organisms (pea plants) inherit traits by way of discrete "units of inheritance". This term, still used today, is a somewhat ambiguous definition of what is referred to as a gene. Trait inheritance and molecular inheritance mechanisms of genes are still primary principles of genetics in the 21st century, but modern genetics has expanded to study the function and behavior of genes. Gene structure and function, variation, and distribution are studied within the context of the cell, the organism (e.g. dominance), and within the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mouse
A mouse ( : mice) is a small rodent. Characteristically, mice are known to have a pointed snout, small rounded ears, a body-length scaly tail, and a high breeding rate. The best known mouse species is the common house mouse (''Mus musculus''). Mice are also popular as pets. In some places, certain kinds of field mice are locally common. They are known to invade homes for food and shelter. Mice are typically distinguished from rats by their size. Generally, when a muroid rodent is discovered, its common name includes the term ''mouse'' if it is smaller, or ''rat'' if it is larger. The common terms ''rat'' and ''mouse'' are not taxonomically specific. Typical mice are classified in the genus '' Mus'', but the term ''mouse'' is not confined to members of ''Mus'' and can also apply to species from other genera such as the deer mouse, ''Peromyscus''. Domestic mice sold as pets often differ substantially in size from the common house mouse. This is attributable to breeding a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk Based Sampling Nomogram (3yr)
In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. The international standard definition of risk for common understanding in different applications is “effect of uncertainty on objectives”. The understanding of risk, the methods of assessment and management, the descriptions of risk and even the definitions of risk differ in different practice areas (business, economics, environment, finance, information technology, health, insurance, safety, security etc). This article provides links to more detailed articles on these areas. The international standard for risk management, ISO 31000, provides principles and generic guidelines on managing risks faced by organizations. Definitions ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nassim Nicholas Taleb
Nassim Nicholas Taleb (; alternatively ''Nessim ''or'' Nissim''; born 12 September 1960) is a Lebanese-American essayist, mathematical statistician, former option trader, risk analyst, and aphorist whose work concerns problems of randomness, probability, and uncertainty. ''The Sunday Times'' called his 2007 book '' The Black Swan'' one of the 12 most influential books since World War II. Taleb is the author of the ''Incerto'', a five-volume philosophical essay on uncertainty published between 2001 and 2018 (of which the best-known books are ''The Black Swan'' and ''Antifragile''). He has been a professor at several universities, serving as a Distinguished Professor of Risk Engineering at the New York University Tandon School of Engineering since September 2008. He has been co-editor-in-chief of the academic journal ''Risk and Decision Analysis'' since September 2014. He has also been a practitioner of mathematical finance, a hedge fund manager, and a derivatives trader, and i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brian Wynne
Brian Wynne is Professor Emeritus of Science Studies and a former Research Director of the Centre for the Study of Environmental Change (CSEC) at the Lancaster University. His education includes an MA (Natural Sciences, Cambridge 1968), PhD (Materials Science, Cambridge 1971), MPhil (Sociology of Science, Edinburgh 1977). His work has covered technology and risk assessment, public risk perceptions, and public understanding of science, focusing on the relations between expert and lay knowledge and policy decision-making. Prizes and public engagements He was an Inaugural Member of the Management Board and Scientific Committee of the European Environment Agency, (EEA), (1994-2000) and a Special Adviser to the House of Lords Science and Technology Select committee Inquiry into Science and Society, (March 2000). He was a member of the London Royal Society's Committee on Science in Society. He chaired a European Union DG Research expert group on the European Knowledge Society which p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Barry Commoner
Barry Commoner (May 28, 1917 – September 30, 2012) was an American cellular biologist, college professor, and politician. He was a leading ecologist and among the founders of the modern environmental movement. He was the director of the Center for Biology of Natural Systems and its Critical Genetics Project. He ran as the Citizens Party candidate in the 1980 U.S. presidential election. His work studying the radioactive fallout from nuclear weapons testing led to the Nuclear Test Ban Treaty of 1963. Early life Commoner was born in Brooklyn, New York, on May 28, 1917, the son of Jewish immigrants from Russia. He received his bachelor's degree in zoology from Columbia University in 1937 and his master's and doctoral degrees from Harvard University in 1938 and 1941, respectively. Career in academia After serving as a lieutenant in the US Navy during World War II, Commoner moved to St. Louis, Missouri, and he became an associate editor for ''Science Illustrated'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Single Loss Expectancy
Single-loss expectancy (SLE) is the monetary value expected from the occurrence of a risk on an asset. It is related to risk management and risk assessment. Single-loss expectancy is mathematically expressed as: = \times Where the exposure factor is represented in the impact of the risk over the asset, or percentage of asset lost. As an example, if the asset value is reduced by two thirds, the exposure factor value is 0.66. If the asset is completely lost, the exposure factor is 1. The result is a monetary value in the same unit as the single-loss expectancy is expressed (euros, dollars, yens, etc.): exposure factor is the subjective, potential percentage of loss to a specific asset if a specific threat is realized. The exposure factor is a subjective value that the person assessing risk must define. See also *Information assurance *Risk assessment *Annualized loss expectancy The annualized loss expectancy (ALE) is the product of the annual rate of occurrence (ARO) and t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Annualized Loss Expectancy
The annualized loss expectancy (ALE) is the product of the annual rate of occurrence (ARO) and the single loss expectancy (SLE). It is mathematically expressed as: : \text = \text \times \text Suppose that an asset is valued at $100,000, and the Exposure Factor (EF) for this asset is 25%. The single loss expectancy (SLE) then, is 25% * $100,000, or $25,000. The annualized loss expectancy is the product of the annual rate of occurrence (ARO) and the single loss expectancy. ALE = ARO * SLE For an annual rate of occurrence of 1, the annualized loss expectancy is 1 * $25,000, or $25,000. For an ARO of 3, the equation is: ALE = 3 * $25,000. Therefore: ALE = $75,000 See also *Single loss expectancy Single-loss expectancy (SLE) is the monetary value expected from the occurrence of a risk on an asset. It is related to risk management and risk assessment. Single-loss expectancy is mathematically expressed as: = \times Where the exposure f ... References {{Reflist Financial ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
