Fundamental Risk Methods

This chapter introduces the fundamental methods used for risk identification, assessment, treatment, and communication. It presents widely used qualitative and semi-quantitative tools such as preliminary hazard analysis, risk registers, the Swiss cheese model, and failure mode and effects analysis. Scenario modeling using logic trees is introduced as a bridge to quantitative risk analysis. The chapter then addresses risk treatment strategies, including acceptance, ranking, decision analysis, benefit–cost analysis, and mitigation planning. Data requirements, limitations, and common pitfalls of risk assessments are critically examined. Methods for representing, documenting, and communicating risk results to stakeholders are emphasized. The chapter provides a practical foundation for applying risk methods across engineering systems while highlighting their assumptions, strengths, and limitations.