Risk Analysis Methodology
After applying the various analysis techniques to identify risks, there are additional tasks involving: Risk assessment, hazard control analysis, requirements cross-check analysis, and hazard tracking and risk resolution. Risk Assessment Risk assessment is the classification of relative risk associated with identified hazards. Risk has two elements, which are severity and likelihood. Severity is the degree of harm that would occur if an accident happens. Likelihood is a qualitative expression of the probability that the specific accident will occur. Criteria for severity and likelihood should be defined. When risk assessment is to be conducted, the risks should be prioritized to enable resources to be allocated consistently to the highest risks. ...