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Risk probability and impact analysis7/31/2023 In the following sections four methods of risk mapping will be discussed: Quantitative risk assessment (QRA), Event-Tree Analysis (ETA), Risk matrix approach (RMA) and Indicator-based approach (IBA). Risk mapping for natural hazard risk can be carried out at a number of scales and for different purposes. Risk evaluation is the process that is used to compare risk analysis results with risk criteria in order to determine whether or not a specified level of risk is acceptable or tolerable. It is also used to study impacts and consequences and to examine the controls that currently exist. Risk analysis is the process that is used to understand the nature, sources, and causes of the risks that have been identified and to estimate the level of risk. Risk identification is the process that is used to find, recognize, and describe the risks that could affect the achievement of objectives. ISO 31000 (2009) defines risk assessment as a process made up of three processes: risk identification, risk analysis, and risk evaluation. Risk assessment is a process to determine the probability of losses by analyzing potential hazards and evaluating existing conditions of vulnerability that could pose a threat or harm to property, people, livelihoods and the environment on which they depend (UN-ISDR, 2009). This framework focuses on the analysis of physical losses, using physical vulnerability data. The various aspects of hazards, vulnerability and elements-at-risk and their interactions are also indicated. Risk can presented conceptually with the following basic equation indicated in Figure 1įigure 1: Schematic representation of risk as the multiplication of hazard, vulnerability and quantification of the exposed elements-at-risk. Risk is defined as the probability of harmful consequences, or expected losses (deaths, injuries, property, livelihoods, economic activity disrupted or environment damaged) resulting from interactions between natural or human-induced hazards and vulnerable conditions (UN-ISDR, 2009, EC, 2011). By: This email address is being protected from spambots.
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