Risk evaluation
Risk Evaluation
Risk Evaluation (pronunciation: /rɪsk ˌɛvəljuˈeɪʃən/) is a systematic process used in the field of medicine and public health to determine the potential adverse effects or harm that may be caused by a particular activity, substance, or situation.
Etymology
The term 'Risk Evaluation' is derived from the Latin word 'risicum' meaning 'danger', and the Latin word 'evaluare' meaning 'to determine the value of'.
Definition
Risk Evaluation involves the identification and assessment of risks in order to make informed decisions about the best ways to manage or mitigate those risks. This process often involves the use of statistical data and scientific research to quantify the potential harm and the likelihood of its occurrence.
Related Terms
- Risk Assessment: A systematic process of evaluating the potential risks that may be involved in a projected activity or undertaking.
- Risk Management: The forecasting and evaluation of financial risks together with the identification of procedures to avoid or minimize their impact.
- Risk Mitigation: The process of reducing the impact of a risk or the likelihood of its occurrence.
- Risk Analysis: The process of identifying and analyzing potential issues that could negatively impact key business initiatives or critical projects in order to help organizations avoid or mitigate those risks.
Process
Risk Evaluation typically involves the following steps:
- Identification of potential risks.
- Assessment of the likelihood of the risks occurring.
- Determination of the potential impact of the risks.
- Development of strategies to manage or mitigate the risks.
Applications
Risk Evaluation is used in a variety of fields, including medicine, public health, environmental science, and business. In medicine, it is often used to assess the potential risks associated with a particular treatment or procedure. In public health, it is used to evaluate the potential risks associated with exposure to certain substances or situations.
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