2. Risk Analysis

This book splits risk into two parts: risk analysis and risk evaluation. This chapter considers the analysis of risks from a broad perspective, beginning with definitions and key steps of a risk analysis, illustrated quantitatively through an FN curve. The next two chapters explore quantitative analyses (component and system reliability) before returning to risk evaluation concepts of decision theory, cost benefit analysis and safety standards, where the principal focus is on making decisions and answering the question ‘how safe is safe enough?’

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The primary authors for this chapter are S. N. (Bas) Jonkman and Robert Lanzafame.