ABSTRACT
Risk is defined as the possibility of loss. In process plant, the losses may be of many kinds, such as damage to equipment, loss of production, or environmental damage, as well as injury or death.
With the term risk we express the fact that we cannot predict the consequences of an event. A consequence may be good, and desirable, or bad and undesirable. It is the unwanted consequence which is usually associated with risk. The sequence which leads to the final consequence consists of random events. Some events are more probable than others. A unique consequence of the sequence of events cannot be predicted.
