Lecture 7 - Risk

Question 1

Risk

Answer 1

Exposure of a person or something of value to danger, harm, or loss

Question 2

Quantifying risk

Answer 2

Risk = sum of(probability x consequence)

consequence includes both type and severity of effect

Question 3

Risk (chemically speaking)

Answer 3

= function of hazard & exposure

Question 4

Hazard

Answer 4

Anything that will produce an adverse effect on health or environment

Question 5

Exposure

Answer 5

Assessment of contact by hazard with person/environment

Question 6

Risk assessment

Answer 6

Qualitative or quantitative evaluation of _____ (both actual or potential) posed by a hazard or change in conditions on human health or the environment

Question 7

Importance of risk assessments

Answer 7

can determine whether the level of risks are acceptable

Question 8

Four situations

Answer 8

1. Decision made with full knowledge of outcomes and probabilities
2. decision made with full knowledge of outcomes and some, but not at all, probabilities
3. Decision made with full knowledge of outcomes and no knowledge of probabilities
4. Decision made with incomplete knowledge of outcome and probabilities

Question 9

Purpose of cost-benefit analysis

Answer 9

to quantify and estimate net effect of all good and bad consequences for a given action

Question 10

Precautionary principle

Answer 10

prevent hasty decision given likelihood and potential severity of negative consequences

Question 11

Precautionary 3-part structure

Answer 11

1.damage condition
2. knowledge condition
3. remedy

Question 12

AMA Composites Product

Answer 12

Nano-enabled aerogel thermal insulation panels
Amorphous silica aerogels