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 the industry to identify possible hazards and the resources necessary to avoid or reduce risks. These methods include the failure mode and effect analysis, fault tree analysis, event tree analysis, risk/benefit analysis, safety analysis, and probabilistic estimates.