Engineers define risk as the product of the likelihood of an event
and the magnitude of the resulting harm.
A relatively slight harm that is highly likely might constitute a greater risk
than more serious harm that is far less likely.
A harm is an invasion or limitation of a person’s freedom or well-being.
Engineers have traditionally thought of harms in terms of things that can be easily quantified, that is, as impairment of our physical and
economic well-being or the public health, safety, or welfare.
These harms are measured in terms of the numbers of lives lost,
the cost of rebuilding or repairing.
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