Tuesday, March 26, 2013

Risk Analysis

This email came from one of the original Hope Town Harbour Rats who is my mentor and HTSC website technical guru (who fell from a ladder recently):


"Your accident brings to mind a technique from my working days, risk analysis. We all understand probability, but that's not risk. A measure of true risk is probability of something happening multiplied by the consequence of that happening. A low probability of the block or rope breaking is more than offset by the severe consequence if it happens. That's how we used to evaluate risk before designing nuclear facilities. Still applies to everyday life. I'll try to remember that the next time I go up a ladder."

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