01:377:204 Lecture Notes - Hepatitis B Vaccine, Forego, Punitive Damages
30 Jan 2014
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Document Summary
Accidents: unintended causes, undesirable effects, relatively sudden, damage for physical energy. Risk vs. safety: risk is something we measure. Probability of occurrence: project future losses based on the record of past events, you could land on black 100 times, but you still have a 50/50 chance of landing on black again. Each time is not related to each other, they are completely independent: relative exposure rate, presented as a factor of the number of participants over a specified period of time, the difference between 90% & 99%. Only 9% difference, yet its 1/10 vs. 1/100 chance you will get hurt . big difference. Protect physical assets: enhance financial stability, maintain good public relations. 2 & 3 management of risk and safety. Selects approaches to best handle the loss potential. Involves a detailed analysis of the program in light of the frequency severity and predictability of the possible human and financial losses.
