Respected experts, Kindly explain me the below terminologies. They all sounds similar but yet they are different it seems. Hazard assessment, Risk assessment and Risk analysis Thanks in advance. SSM
From India, Madras
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47From India, Madras
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Risk Assessment
Risk Assessment: An identification of what within your work or workplace may have the potential to cause harm to people or workers, so that you can consider whether you have provided sufficient precautions or need to do more to prevent harm.
Risk Analysis
Risk analysis is the process of defining and analyzing the dangers to individuals, businesses, and government agencies posed by potential natural and human-caused adverse events. In IT, a risk analysis report can be used to align technology-related objectives with a company's business objectives. A risk analysis report can be either quantitative or qualitative.
In quantitative risk analysis, an attempt is made to numerically determine the probabilities of various adverse events and the likely extent of the losses if a particular event takes place.
Qualitative risk analysis, which is used more often, does not involve numerical probabilities or predictions of loss. Instead, the qualitative method involves defining the various threats, determining the extent of vulnerabilities, and devising countermeasures should an attack occur.
Hazardous Assessment
A hazard assessment is an evaluation of a workplace or work situation as to the potential for hazards that an employee may encounter while performing the job.
Regards,
SSM
From United States, Fpo
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Risk Assessment: An identification of what within your work or workplace may have the potential to cause harm to people or workers, so that you can consider whether you have provided sufficient precautions or need to do more to prevent harm.
Risk Analysis
Risk analysis is the process of defining and analyzing the dangers to individuals, businesses, and government agencies posed by potential natural and human-caused adverse events. In IT, a risk analysis report can be used to align technology-related objectives with a company's business objectives. A risk analysis report can be either quantitative or qualitative.
In quantitative risk analysis, an attempt is made to numerically determine the probabilities of various adverse events and the likely extent of the losses if a particular event takes place.
Qualitative risk analysis, which is used more often, does not involve numerical probabilities or predictions of loss. Instead, the qualitative method involves defining the various threats, determining the extent of vulnerabilities, and devising countermeasures should an attack occur.
Hazardous Assessment
A hazard assessment is an evaluation of a workplace or work situation as to the potential for hazards that an employee may encounter while performing the job.
Regards,
SSM
From United States, Fpo
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Understanding Risk and Hazard Terminologies
Risk Analysis means understanding the magnitude of risk that might have occurred or may occur for sure. This step occurs after Risk Assessment.
Risk Assessment means understanding the types of risk and the probability of such risk occurring at any stage of a continuous process. This process is done before Risk Analysis.
Hazard Assessment means understanding the impact of a particular incident, the occurrence of which is quite high on the scale of probability and impact. It also includes action plans to contain the damage that may be caused due to the incident. This is usually done after Risk Assessment and Risk Analysis.
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Octavious
From India, Mumbai
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Risk Analysis means understanding the magnitude of risk that might have occurred or may occur for sure. This step occurs after Risk Assessment.
Risk Assessment means understanding the types of risk and the probability of such risk occurring at any stage of a continuous process. This process is done before Risk Analysis.
Hazard Assessment means understanding the impact of a particular incident, the occurrence of which is quite high on the scale of probability and impact. It also includes action plans to contain the damage that may be caused due to the incident. This is usually done after Risk Assessment and Risk Analysis.
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Octavious
From India, Mumbai
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Before knowing about risk assessment, risk analysis, and hazard management, you have to know about its definition.
Hazard
A hazard is a situation that poses a threat to life, health, property, or the environment. Most hazards are dormant or potential with only a theoretical risk of harm; however, once a hazard becomes active, it can create an emergency situation. A hazard does not exist when it is not happening.
Risk
Risk is the probability that a hazard will turn into a disaster.
For example, a man sits under a coconut tree, and there are two or three coconuts on the tree. In this situation, the coconut is a hazard, and the blowing of the wind is a risk. If a coconut falls on the person sitting under the tree, it will cause harm.
With this explanation, you can easily understand what is meant by risk analysis, assessment, and hazard management.
Regards,
Yadvinder Sharma
From India, Mumbai
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Hazard
A hazard is a situation that poses a threat to life, health, property, or the environment. Most hazards are dormant or potential with only a theoretical risk of harm; however, once a hazard becomes active, it can create an emergency situation. A hazard does not exist when it is not happening.
Risk
Risk is the probability that a hazard will turn into a disaster.
For example, a man sits under a coconut tree, and there are two or three coconuts on the tree. In this situation, the coconut is a hazard, and the blowing of the wind is a risk. If a coconut falls on the person sitting under the tree, it will cause harm.
With this explanation, you can easily understand what is meant by risk analysis, assessment, and hazard management.
Regards,
Yadvinder Sharma
From India, Mumbai
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Please go through the below inputs from Mr. KVS which I received over mail to help you:
Hazard Analysis - The goal of a hazard analysis is to determine the most likely outcome of a specific set of conditions. This can be a subset of risk assessment. 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 risks. Preliminary risk levels can be found in the hazard analysis. The validation, more precise prediction, and acceptance of risk are determined in the risk assessment.
Risk Assessment is a step in a risk management procedure. Risk assessment is the determination of the quantitative or qualitative value of risk related to a concrete situation and a recognized threat (also called hazard). Risk analysis can be broken down into two broad methods, and these methods are qualitative and quantitative.
Qualitative Risk Assessment assesses the impact and likelihood of the identified risks in a rapid and cost-effective manner. By evaluating the priority of risks with consideration to impact on the project's cost, schedule, scope, and quality objectives, Qualitative Risk Analysis provides a foundation for a focused quantitative analysis or Risk Response Plan.
Quantitative Risk Assessment is completed on the prioritized risks from Qualitative Analysis, studying the effect of risk events and deriving a numerical value. Quantitative Risk Analysis is performed to assess the probability of achieving specific project objectives, to quantify the effect of the risk on the overall project objective, and to prioritize the risk based on significance to overall project risk.
In addition to this, I'm attaching a file on 5 Steps to Risk Assessment from HSE of UK. This gives a clear idea about the steps involved (there are also 6 steps considered) to perform a risk assessment. This will be helpful to all.
Regards
From India
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Hazard Analysis - The goal of a hazard analysis is to determine the most likely outcome of a specific set of conditions. This can be a subset of risk assessment. 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 risks. Preliminary risk levels can be found in the hazard analysis. The validation, more precise prediction, and acceptance of risk are determined in the risk assessment.
Risk Assessment is a step in a risk management procedure. Risk assessment is the determination of the quantitative or qualitative value of risk related to a concrete situation and a recognized threat (also called hazard). Risk analysis can be broken down into two broad methods, and these methods are qualitative and quantitative.
Qualitative Risk Assessment assesses the impact and likelihood of the identified risks in a rapid and cost-effective manner. By evaluating the priority of risks with consideration to impact on the project's cost, schedule, scope, and quality objectives, Qualitative Risk Analysis provides a foundation for a focused quantitative analysis or Risk Response Plan.
Quantitative Risk Assessment is completed on the prioritized risks from Qualitative Analysis, studying the effect of risk events and deriving a numerical value. Quantitative Risk Analysis is performed to assess the probability of achieving specific project objectives, to quantify the effect of the risk on the overall project objective, and to prioritize the risk based on significance to overall project risk.
In addition to this, I'm attaching a file on 5 Steps to Risk Assessment from HSE of UK. This gives a clear idea about the steps involved (there are also 6 steps considered) to perform a risk assessment. This will be helpful to all.
Regards
From India
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Please find the attached difference among all three. regards LK
From Australia
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From Australia
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(Fact Checked)-The user's reply provides accurate and detailed explanations of hazard analysis, risk assessment, and risk analysis, aligning with best practices and definitions in the field of risk management. (1 Acknowledge point)