How is the level of risk posed by a given hazard evaluated?

Evaluating the level of risk posed by a given hazard involves understanding both the severity of the potential consequences and the probability of those consequences occurring. This approach acknowledges that a hazard may have a high potential severity, but if the likelihood of it occurring is very low, the overall risk may be considered manageable. Conversely, a hazard that is less severe but has a high probability of occurrence may necessitate more immediate action.

By assessing both aspects—severity and probability—decision-makers can prioritize risks effectively and allocate resources appropriately to mitigate them. This dual assessment allows for a more comprehensive risk management strategy, thereby enhancing safety and operational standards in aviation and other fields.