What is Risk Assessment – Probability of Risk

What is Risk AssessmentMany may wonder ‘what is risk assessment?’  Risk assessment is a way to determine risk and possible dangers that may occur in any activity.  It is based on the probability of risks occurring and also uses statistics to determine risk in a mathematical and scientific fashion. This allows for these risk to be avoided or to be better prepared for the possible risk.  For example when driving a vehicle we assess risk to determine when to slow down, when to speed up, when to pass, and other such things.  When we plan a trip we may pack the necessary things we need based on our own risk assessment. We might pack an extra coat to prepare for varying weather conditions, or pack a first aid kit in case of injury, have a satellite phone if going into dangerous territory.  All of these things are technically considered as a risk assessment as we are preparing for the possibility of risk based on the environment, statistical probability, weather conditions, capability of the individual, amongst other things.

What is Risk Assessment – Statistical Data

For those wondering, what is risk assessment; a risk assessment is used in many different areas including health risk assessment that can help determine if someone may be at risk for cancer, heart disease, diabetes, or possible illness and other diseases.  Most risk assessments use a form questionnaire that will ask a series of questions to determine certain factors and thereby determine the probability of risk.  It is based on past statistics and data to understand if an individual may need to make certain lifestyle changes to avoid the risks.  There are also environmental risk assessments that can be used to see if there is risk to the environment or wildlife to determine if preservation methods need to be undertaken.  Insurance companies use risk assessment for just about everything such as vehicle insurance rates: age of the driver, past wrecks, and even the conditions of the environment, such as if there is a high crime rate or car theft in the area, and many other factors are taken into account to determine the rate for the individual.

What is Risk Assessment – Information to Avoid Risk

When determining what is risk assessment it is important o understand the possibility of risk and danger that can occur for any situation or activity.  One might determine the risk of skydiving and look at the statistics to see how safe this might be despite the fact that there is an inherent risk in the activity.  Statistical death for skydiving is actually quite low and therefore it is a popular sport that is relatively safe because risk assessment has determined what precautions need to be taken to make it safe.  For instance most parachute packs will automatically open at 1200 meters in case the participant ends up passing out from the experience or any number of other things that may go wrong.  Risk assessment is an important tool for businesses to from investments to the safety of the workers.  Many statistics and questions need to be asked in order to answer what is risk assessment.

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