Discuss the distinction between risk assessment and risk management.

What will be an ideal response?


Risk assessment is the process of using statistical methods to estimate how much harm a particular hazard can cause. It typically involves three steps: hazard identification, probability of risk, and consequences of risk. Risk management, on the other hand, involves deciding whether or how to reduce a particular risk, and what level it should be reduced to. Risk management involves comparing the risk at hand to other possibilities, as well as the evaluation of costs and benefits of reducing the risk. For example, there may be a financial cost to reducing the risk, but the benefit may be a substantial reduction in risk.

Environmental & Atmospheric Sciences

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Environmental & Atmospheric Sciences