August 20th, 2015
We promote Quantitave Risk Assessment at Orion Product Development Ltd. This is the formal determination of the level of risk related to a given potential threat or hazard. It is particularly required when potential threats to life, environment and / or product reliability are present.
This requires the calculation of two components for any given potential threat, namely:
- The magnitude of the potential loss
- The probability that it will occur
Risk assessments are often complex and should involve all key stakeholders in an organisation. They are recorded on a work sheet for each system design, which can be tailored depending on the complexity of the product and the project requirements.