Risk management principles, costs, system

System safety The optimum degree of risk management within the constraints of operational effectiveness, time, and cost attained through the application of management and engineering principles throughout all phases of a program (NHB 5300.4(1 D-2))... 

System safety the application of engineering and management principles, criteria, and techniques to achieve acceptable mishap risk, within the constraints of operational effectiveness and suitability, time, and cost, throughout all phases of the system life cycle. 

System Safety A subdiscipline of systems engineering that applies scientific, engineering, and management principles to ensure adequate safety, the timely identification of hazard risk, and initiation of actions to prevent or control those hazards throughout the life cycle and within the constraints of operational effectiveness, time, and cost (Stephenson 1991). The use of system engineering principles to provide a specified level of safety given the trade-offs involving cost, time, and the operations involved. 

The purpose of this Report is to set forth the technical principles and framework for a comprehensive and risk-based hazardous waste classification system. In this context, waste is any material that has insufficient value to justify further beneficial uses, and thus must be managed at a cost. Hazardous waste is waste that can be harmful to biological organisms, due to the presence of radioactive substances or chemicals that are deemed hazardous, to the extent that it must be regulated. Hazardous waste excludes material that is simply useless (e.g., typical household trash). This work is comprehensive because it considers all hazardous wastes irrespective of their source.1... 

Due to the destruction nature of hydrocarbon and chemical forces when handled incorrectly, fire and explosion protection principles should be the prime feature in the risk philosophy mandated by management for a facility. Disregarding the importance of protection features or systems will eventually prove to be costly in both human and economic terms should a catastrophic incident occur without adequate safeguards. 

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