Probabilistic risk assessmentProbabilistic risk assessment (PRA) is a systematic and comprehensive methodology to evaluate risks associated with a complex engineered technological entity (such as an airliner or a nuclear power plant) or the effects of stressors on the environment (probabilistic environmental risk assessment, or PERA). Risk in a PRA is defined as a feasible detrimental outcome of an activity or action. In a PRA, risk is characterized by two quantities: the magnitude (severity) of the possible adverse consequence(s), and the likelihood (probability) of occurrence of each consequence.
Fault toleranceFault tolerance is the property that enables a system to continue operating properly in the event of the failure of one or more faults within some of its components. If its operating quality decreases at all, the decrease is proportional to the severity of the failure, as compared to a naively designed system, in which even a small failure can cause total breakdown. Fault tolerance is particularly sought after in high-availability, mission-critical, or even life-critical systems.
Investment managementInvestment management (sometimes referred to more generally as asset management) is the professional asset management of various securities, including shareholdings, bonds, and other assets, such as real estate, to meet specified investment goals for the benefit of investors. Investors may be institutions, such as insurance companies, pension funds, corporations, charities, educational establishments, or private investors, either directly via investment contracts/mandates or via collective investment schemes like mutual funds, exchange-traded funds, or REITs.
Structural loadA structural load or structural action is a force, deformation, or acceleration applied to structural elements. A load causes stress, deformation, and displacement in a structure. Structural analysis, a discipline in engineering, analyzes the effects of loads on structures and structural elements. Excess load may cause structural failure, so this should be considered and controlled during the design of a structure. Particular mechanical structures—such as aircraft, satellites, rockets, space stations, ships, and submarines—are subject to their own particular structural loads and actions.
Operational riskOperational risk is the risk of losses caused by flawed or failed processes, policies, systems or events that disrupt business operations. Employee errors, criminal activity such as fraud, and physical events are among the factors that can trigger operational risk. The process to manage operational risk is known as operational risk management.
Fault tree analysisFault tree analysis (FTA) is a type of failure analysis in which an undesired state of a system is examined. This analysis method is mainly used in safety engineering and reliability engineering to understand how systems can fail, to identify the best ways to reduce risk and to determine (or get a feeling for) event rates of a safety accident or a particular system level (functional) failure.
Educational assessmentEducational assessment or educational evaluation is the systematic process of documenting and using empirical data on the knowledge, skill, attitudes, aptitude and beliefs to refine programs and improve student learning. Assessment data can be obtained from directly examining student work to assess the achievement of learning outcomes or can be based on data from which one can make inferences about learning. Assessment is often used interchangeably with test, but not limited to tests.
Occupational safety and healthOccupational safety and health (OSH) or occupational health and safety (OHS), also known simply as occupational health or occupational safety, is a multidisciplinary field concerned with the safety, health, and welfare of people at work (i.e. in an occupation). These terms also refer to the goals of this field, so their use in the sense of this article was originally an abbreviation of occupational safety and health program/department etc. OSH is related to the fields of occupational medicine and occupational hygiene.
EvaluationIn common usage, evaluation is a systematic determination and assessment of a subject's merit, worth and significance, using criteria governed by a set of standards. It can assist an organization, program, design, project or any other intervention or initiative to assess any aim, realisable concept/proposal, or any alternative, to help in decision-making; or to ascertain the degree of achievement or value in regard to the aim and objectives and results of any such action that has been completed.
PessimismPessimism is a negative mental attitude in which an undesirable outcome is anticipated from a given situation. Pessimists tend to focus on the negatives of life in general. A common question asked to test for pessimism is "Is the glass half empty or half full?"; in this situation, a pessimist is said to see the glass as half empty, or in extreme cases completely empty, while an optimist is said to see the glass as half full. Throughout history, the pessimistic disposition has had effects on all major areas of thinking.
