Risk and hazard analysis can be effectively used during design reviews to provide valuable feedback to the design to avoid failures. This article discusses the types of risks, namely, real risk, statistical risk, predicted risk, and perceived risk. It describes the principle and technical methods of risk/hazard analysis practiced in industry to identify possible hazards and possibly identify the resources that are necessary to avoid or reduce the risks. These include failure mode and effect analysis, fault tree analysis, event tree analysis, risk/benefit analysis, safety analysis, and probabilistic estimates.
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