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Risk Matrix

The document is a risk assessment prepared by Mourad Hosni Farah, a 4th year student in the Mining Department at Cairo University. It defines risk assessment as determining the quantitative or qualitative value of risk related to a specific threat. It explains that risk is calculated by multiplying the probability of a loss by the magnitude of the potential loss. It also provides a risk matrix that defines consequences on a scale from catastrophic to insignificant and likelihood on a scale from almost certain to rare in order to calculate risk levels.

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Mourad Hosni
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69 views

Risk Matrix

The document is a risk assessment prepared by Mourad Hosni Farah, a 4th year student in the Mining Department at Cairo University. It defines risk assessment as determining the quantitative or qualitative value of risk related to a specific threat. It explains that risk is calculated by multiplying the probability of a loss by the magnitude of the potential loss. It also provides a risk matrix that defines consequences on a scale from catastrophic to insignificant and likelihood on a scale from almost certain to rare in order to calculate risk levels.

Uploaded by

Mourad Hosni
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Mourad.Hosni@hotmail.

com

Cairo University
Faculty of Engineering
4th year Mining Department

Risk Matrix

Prepared By: Mourad Hosni Farah

http://mourad.110mb.com
[email protected]

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Risk assessment is a step in a risk management process. Risk assessment is the


determination of quantitative or qualitative value of risk related to a concrete situation
and a recognized threat (also called hazard). Quantitative risk assessment requires
calculations of two components of risk: R, the magnitude of the potential loss L, and the
probability p, that the loss will occur.

A risk is the total of each of the hazards that contribute to it. The risk of any particular
hazard, H, can be defined as its probability, p, multiplied by its consequence, c. In
layman's terms: how likely it is to happen and how bad it would be if it happened.

Hazard = PH * CH
Therefore the total risk, R, of an event, e, is the sum of the n potential hazards that
would result in that event:

This is one example of a number of tools that can assist with your risk assessment
process.

What you need to do


1. Consider what can go wrong
2. Determine how bad the outcome would be - Consequences
3. Determine how likely it is to happen - Likelihood
4. Calculate the risk level

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CONSEQUENCES: How severely could it hurt someone/cause damage?


Catastrophic death or large number of serious injuries, environmental disaster, huge
cost
Major serious injury, extensive injuries, severe environmental damage, major cost
Moderate medical treatment required, contained environmental impact, high cost
Minor first aid treatment required, some environmental and/or financial impact
Insignificant No injuries, low financial/environmental impact

LIKELIHOOD: How likely is it to happen?


Almost Certain expected to occur in most circumstances
Likely will probably occur in most circumstances
Possible might possibly occur at some time
Unlikely could occur at some time
Rare may occur only in exceptional circumstances

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