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Uncertainties in Assessment Restricted assess of knowledge Some organization do not disclose data on legal restriction. Uncertain behavior of materials Test data supplied by the suppliers are only statistical. The individual part may behave considerably different from the tests on random samples.
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Risk-Benefit Analysis
The major reasons for the analysis of the risk benefit are: To know risks and benefits and weigh them each. To decide on designs, advisability of product/project. To suggest and modify the design so that the risks are eliminated or reduced.
Risk-Benefit Analysis
The economic and ethical limitations that exist in the risk-benefit analysis are presented as follows: Primarily the benefits may go to one group and risks may go to another group. Sometimes, people who are exposed to maximum risks may get only the minimum benefits. In such cases, there is even violation of rights.
Risk-Benefit Analysis
Both risks and benefits lie in the future. Both risk and benefit may have uncertainties - The estimated probability may differ from time to time and region to region.
Risk-Benefit Analysis
Personal Risk The following methodologies may be adopted to assess personal risk, Assess the voluntary activities. (Life insurance policy) Assess the degree of occupational hazard and its effects on health. (dust, radiation, etc.)
Risk-Benefit Analysis
Personal Risk Loss of senses such as sight (eyes), hearing (Ears). Loss of earning capability, especially due to physical disability. Get assistance by trained arbiters.
Risk-Benefit Analysis
Reducing Risk (Improving Safety) Several techniques adopted to reduce risk in product or process, Application of inherent safety concepts in design. Use of redundancy principle in the instrument protection design. (Eg: Use of stand by devices, etc.,)
Risk-Benefit Analysis
Reducing Risk (Improving Safety) Periodical monitoring (inspection) and testing of safety system to ensure reliability. (Ex: Fire extinguishers, etc.,) Issue of operation manuals, training of the operating personnel and regular audits are adopted to ensure that the procedures are understood, followed and the systems are kept in working condition.
Risk-Benefit Analysis
Reducing Risk (Improving Safety) Development of well-designed emergency evacuation plan and regular rehearsal/drills to ensure preparedness, in case of emergency.