Comparative Risk Analysis: Limitations and Opportunities

Risk analysis is the study of the likelihood that an agent or hazard will produce an unwelcome outcome or adverse effect and the severity of that adverse effect. Having jelled into a distinct discipline only about a quarter century ago, risk analysis was recently discovered by Congress and has been embraced by those who wish to roll back regulation. Risk analysis is synonymous with risk assessment, although risk analysis sometimes refers to risk management as well. Risk assessment is the study of the adverse effects of hazards, primarily through estimating probabilities or establishing exposure thresholds. It involves collection and analysis of data, traditionally to estimate human morbidity or mortality, now expanded to include ecological health and economic well-being. Risk management develops or evaluates strategies for dealing with hazards. It used risk assessments and values to provide better ways for individuals and groups to reduce hazards or cope with their efforts.