Hazard Risk Assessment Fundamentals

Hazard, risk, failure, and reliability are interrelated concepts concerned witli uncertain events and tlierefore amenable to quantitative measurement via probability. Hazard is defined as a potentially dangerous event. For example, tlie release of toxic fumes, a power outage, or pump failure. Actualization of the potential danger represented by a hazard results in undesirable consequences associated with risk. 

Risk is defined as tlie product of two factors (1) tlie probability of an undesirable event and (2) tlie measured consequences of the undesirable event. Measured consequences may be stated in terms of financial loss, injuries, deatlis, or Ollier variables. Failure represents an inability to perform some required function. Reliability is the probability that a system or one of its components will perform its intended function mider certain conditions for a specified period. Tlie reliability of a system and its probability of failure are complementary in tlie sense tliat the sum of these two probabilities is unity. This cluipler considers basic concepts and llieorenis of probability tliat find application in tlie estimation of risk and reliability. 

After defining fundamental terms used in probability and introducing set notation for events, we consider probability theorems facilitating tlie calculation of the probabilities of complex events. Conditional probability and tlie concept of independence lead to Bayes theorem and tlie means it provides for revision of probabilities on tlie basis of additional evidence. Random variables, llicir probability distributions, and expected values provide tlie means 

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