Risk Analysis 46
Risk Analysis 46 : Risk analysis is the most sophisticated level of hazard assessment. It involves making quantitative estimates of the damage, injuries, and costs likely to be experienced within a specified geographic area over a specific period of time. Risk, therefore, has two measurable components: (1) the magnitude of the harm that may result (defined through vulnerability assessment); and (2) the likelihood or probability of the harm occurring in any particular location within any specified period of time (risk = magnitude x probability). A comprehensive risk analysis includes a full probability assessment of various levels of the hazard as well as probability assessments of impacts on structures and populations. (Deyle, French, Olshansky, and Paterson 1998, 134)
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