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Using the probability and the consequence of risks classification system, it is possible to assess and analyze the risk on the basis of the potential consequences and the probability of their occurrences.
The consequence of risks were defined in three categories (low, medium, high), and values for likelihood were described using four categories (low, medium, high, very high) (Table 1).
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The first term of the RHS is called the diversity effect and is a direct consequence of risk segmentation.
The Freedom Industries spill is another burst of industrial harm, another reminder that the consequences of risks often fall on the poor.
"I wouldn't bail out people who made stupid mistakes," says Kent Smetters, professor of insurance and risk management at Wharton, arguing that borrowers and lenders should suffer the consequences of risks gone bad.
In addition, modified mathematical equation to evaluate consequences of risk which allow more generalization and accuracy of weighing the possible losses (performance, financial, ecology and human) is developed.
Therefore, it is critical to further promote a change in the production mode of risk information at a national level: "from measuring risk as an objective externality that can be reduced towards understanding risk as both an opportunity and a threat, and towards improved identification and estimation of the causes and consequences of risk generation and accumulation" (UNISDR 2015a, p. xviii).
In aviation, passengers and aircrews share the consequences of risk.
The next 2 items considered perceived consequences of risk (odds of getting sick).
Even a less specific, more sensitive approach to the definition identified patients at risk for adverse consequences of risk factor clustering.
Because of the potentially severe consequences of risk assessments, the methods being used should be standardized; instruments and analyses should be valid and reliable.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com