Quantitative risk assessment: a critique
The aim of risk management is identify and reduce risks. But how far do managers need to go in reducing the level of risk? How low is low enough? The law provides one answer to this question. Risks must be reduced “so far as is reasonably practicable”. A great deal has been written about what this means, and although no clear cut criteria have emerged, there is general agreement about what needs to be considered. One consideration is the severity of the risk: how serious are the possible...[Show more]
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