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2 Technology, Risk, Precaution, and Sustainability
Fig. 2.1 Schematic of the general life cycle of a chemical product
hazardous conditions or circumstances. The risk (R) of a possible damage event
can, therefore, be expressed in the dimensions of its probability of occurrence (p)
and potential impact (I ):
R = f (p, I)
(2.1)
When describing the risk as the expected value of the damage according to the basics
of a probability calculation, the following product formula applies:
R = p × I
(2.2)
which turns into a sum when different, mutually independent potential damage
events j are considered:
R =
j
p j × I j
(2.3)
Such a representation of risks requires (i) the definition of a system that allows for
consideration of possible damage; (ii) damage scenarios that can be quantitatively
assessed and, if applicable, aggregated; and (iii) the estimation of probabilities of
occurrence for these scenarios using both empirical data (based on the relative
2 Technology, Risk, Precaution, and Sustainability
Fig. 2.1 Schematic of the general life cycle of a chemical product
hazardous conditions or circumstances. The risk (R) of a possible damage event
can, therefore, be expressed in the dimensions of its probability of occurrence (p)
and potential impact (I ):
R = f (p, I)
(2.1)
When describing the risk as the expected value of the damage according to the basics
of a probability calculation, the following product formula applies:
R = p × I
(2.2)
which turns into a sum when different, mutually independent potential damage
events j are considered:
R =
j
p j × I j
(2.3)
Such a representation of risks requires (i) the definition of a system that allows for
consideration of possible damage; (ii) damage scenarios that can be quantitatively
assessed and, if applicable, aggregated; and (iii) the estimation of probabilities of
occurrence for these scenarios using both empirical data (based on the relative