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Posted By Christine Saaler
I came across this formula but do not understand the lower case 'i'? My knowledge of algebra is zero.
"Risk assessment is a step in the risk management process. Risk assessment is measuring two quantities of the risk R, the magnitude of the potential loss L, and the probability p that the loss will occur."
Ri = Lip(Li)
Rtotal = ? Lip(Li)
i
Can anyone explain the 'sum' and 'i' in very simple terms please?
I would also be interested to know whose formula it is.
Many thanks. Christine Saaler
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Posted By John Packer
Not sure but it could be impact
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Posted By Barrie (Badger) Etter
Christine
You have mail
Badger
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Posted By Kieran J Duignan
Normally, in maths a lower case i represents a series of numbers.
So, if the formula is quoted accurately, it represents Risk as the calculation of the outcome of a series of events, which you either multiply or add (it's not clear from what you've quoted).
If you don't understand symbols, find an alternative expression for risk set out in words. A general example is risk is the probability of harm arising from an event; from that you need to quantify both probability and the harm associated with each facet of the event.
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Posted By Coshh Assessor
The summation symbol (if that's what it is - if so it's the Greek capital sigma - a letter like an angular backwards 3) with subscript i (is the i a subscript?) means
Total risk = risk 1 + risk 2 + risk 3 + ... however many risks there are.
Unfortunately the formula doesn't seem to have come out properly in the question!
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Posted By Coshh Assessor
Ri = Lip(Li)
and similarly this means that the risk of event i is the severity of event i multiplied by the likelihood the event with this severity will be realised, where i = 1,2,3, ...
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Posted By Crim
What a load of c**p. Why bother using something you don't undarstand?
Why make risk assessment as difficult as this?
Surely we safety professionals should be throwing away stuff like this as risk assessment should be carried out by the employee or the "person doing the work".
OK there is a need to quantify the degree of risk but there are other more user friendy tables.
The HSE sample risk assessments do not use anything like that.
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Posted By Christine Saaler
Thank you to everyone who responded to my question.
I came across the formula on line when research risk calculation methods. Your responses are helpful but I think beyond my mathematical ability.
Kind regards, Chris
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