What is the use of risk -analysis, Humanities

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What is the use of Risk -Analysis? What are the three factors involved here? 

Risk Analysis is used for the assessment of the hazardous associated with an industrial or commercial activity. It includes identifying the causes of unwanted hazardous events and estimating the consequences and likelihood of these events. Three factors included in this are: 

a. Hazard Identification

b. Consequences analysis

 c. Probability estimation. 

 


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