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Risk vs Hazard

 , April 18, 2018
A risk is a potential for a negative outcome. A hazard is an agent that causes a risk.

The Difference

A risk is a probability of a negative outcome such as a disease. A hazard is a cause of a risk such as a habit that's known to cause cancer.

Example #1

A snowboarder has a 0.005% risk of an injury at a particular ski hill in a day. A tree in in the middle of a steep ski hill is a hazard.

Example #2

A smoker has a 5% risk of developing a particular cancer in their lifetime. The act of smoking is a hazard to health.

Example #3

A city has a 10% risk of a large earthquake over the next ten years. A fault line is an earthquake hazard.

Example #4

A particular aircraft has a 0.0005% risk of an engine failure in a year. A design flaw in an engine is a hazard.

Example #5

A market has a 1% risk of a crash in a year. Excessive debt levels are a hazard to the market.
Risk vs Hazard
A potential for a negative outcome.
A potential cause of a negative outcome.

Risk Management

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