Acceptable Risk 04
Acceptable Risk 04 : Disaster Management. Definition: level of risk at which, given costs and benefits associated with risk reduction measures, no action is deemed to be warranted at a given point in time Sample Usage: Extremely low levels of water-borne contaminants can be deemed an acceptable risk. Annotation: (1) The absolute risk value of a scenario has a meaningful independent interpretation in contrast to relative risk that is meaningful only in comparison to other similarly constructed risk values. (2) Can be measured using annualized lives lost, expected economic impact, or other metrics but it is not a ratio of risks. (3) Can measure absolute level of risk pre- or post-risk reduction measures. See: Relative Risk
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