A hazard analysis would then quantify these consequences. The answer to such a question will involve some form of uncertainty analysis. Figure 1 summarises the above generic framework. The left hand side lists the steps involved in undertaking the analysis or assessment shown on the right hand side. A hazard analysis requires a further step, namely undertaking calculations to produce quantitative estimates.
Risk analysis requires introducing statistical aspects through uncertainty analysis.
Risk assessment then requires some determination of the acceptability, or otherwise, of the numbers produced by the risk analysis. And finally, in practice, one wishes to introduce actions to control risks, and to communicate these actions as part of risk management. Managing Australia's natural resources in the twenty first century, New South Wales University Press, Kensington. Industry Commission, Office of Regulation Review 1995, The analysis and regulation of safety risk, Information Paper, Industry Commission, Canberra.