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The University of Adelaide Australia


Risk analysis: the identification of the possible outcomes of decisions.

Risk assessment: the quantification of risk in terms of probability (or likelihood) and size of outcome.

Risk perception: conveying and interpreting risk concepts to relevant communities, including the general public.

Strategic risk management: assessing and quantifying the risk; determining the minimum acceptable level of risk; reducing the risk to a minimum; implementing risk mitigation measures; and managing the residual risk.