Lecture
This lecture introduces the fundamental concepts of risk management, emphasizing the importance of understanding and analyzing risks to propose effective mitigation measures. It covers the history of major accidents, highlighting incidents like the Texas City explosion and the Bhopal disaster. The instructor discusses the uncertainties of the future and the significance of managing risks in decision-making processes. Various risk analysis methods and key strategies in engineering risk management are explored, along with the economic implications of risk mitigation measures. The lecture also delves into the relationship between hazards and risks, providing insights into risk perception and regulatory changes.