Probabilistic Risk Assessment
Subject: Management | Topics:

Risk in a Probabilistic risk assessment is understood to be a feasible detrimental results of an activity or action. In a PRA, risk is seen as a two quantities: the magnitude (severity) from the possible adverse consequence(s), plus the likelihood (probability) of occurrence of consequence. Probabilistic risk assessment (PRA) is usually a systematic and comprehensive methodology to gauge risks associated with a complex engineered scientific entity.

Related Management Paper: