Engineering systems are almost always designed, constructed, and operated under unavoidable conditions of risk and uncertainty. Risks are future events with a probability of occurrence and a potential for loss. Caught in time, risks can be avoided, negated or have their impacts reduced. Risk analysis is a technique applied for identifying, characterizing, quantifying, and evaluating hazards. Risk assessment is performed to estimate the value of a risk.
Engineering Risk Assessment
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Engineering systems are almost always designed, constructed, and operated under unavoidable conditions of risk and uncertainty
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