Acceptable Risk 01
Acceptable Risk 01 : Disaster Management. "An Acceptable Level of Risk for regulations and special permits is established by consideration of risk, cost/benefit and public comments. Relative or comparative risk analysis is most often used where quantitative risk analysis is not practical or justified. Public participation is important in a risk analysis process, not only for enhancing the public's understanding of the risks associated with hazardous materials transportation, but also for insuring that the point of view of all major segments of the population-at-risk is included in the analyses process. Risk and cost/benefit analysis are important tools in informing the public about the actual risk and cost as opposed to the perceived risk and cost involved in an activity. Through such a public process PHMSA [Pipeline and Hazardous Materials Safety Administration] establishes hazard classification, hazard communication, packaging, and operational control standards". (DOT, Risk Management Definitions, Office of Hazardous Materials Safety, 2005)
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