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one can define total risk as the sum over individual risks, which can be computed as the product of potential losses, and their probabilities,
Hazard Analysis is to model the physical effects of various hazard scenarios that may occur upon accidental release & Risk Assessment is to evaluate the risk of the identified hazards to working personnel considering its consequence and probability to occur and comparing this risk with Company acceptable criteria
Risk assessment is the determination of quantitative or qualitative estimate of risk related to a well-defined 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
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