Transcription of RISK MANAGEMENT - Engineers Canada
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RISK MANAGEMENT AN AREA OF KNOWLEDGE FOR ALL Engineers A Discussion Paper By: Paul R. Amyotte, & Douglas J. McCutcheon, 1 Chemical Engineering Program Department of Process Engineering & Applied Science Dalhousie University Halifax, Nova Scotia, Canada B3J 2X4 2 Industrial Safety & Loss MANAGEMENT Program Faculty of Engineering University of Alberta Edmonton, Alberta, Canada T6G 2G6 Prepared For: The Research Committee of the Canadian Council of Professional Engineers October 2006 SUMMARY The purpose of this paper is to seed the discussion by the Research Committee of the Canadian Council of Professional Engineers (CCPE) on the topic of risk MANAGEMENT .
Risk: The possibility of injury, loss or environmental injury created by a hazard. The significance of risk is a function of the probability of an unwanted incident and the severity of its consequence. There are several features of these definitions worth noting: • Risk arises from hazards.
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