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Judgements are then made based on the result of the calculation. With the risk matrix, values are then calculated using the equation: Risk = Severity x Likelihood. It uses quantitative tools and techniques like the 3 x 3 or 5 x 5 risk matrix. In a quantitative risk assessment, risk level is measured by assigning numerical values. Risks will then be categorized into levels of high, medium, or low to help the organization prioritize what to address first. In a qualitative risk assessment, the goal is to determine the severity and likelihood of harm of a risk. It is carried out by an experienced assessor, and uses their personal judgement or get the consultation of others in identifying hazards around the workplace, assessing risks, and creating a plan of action to control or reduce the identified risks. This is the most common form of a risk assessment. Depending on the scope and goals of your assessment, you can decide on the following types for the most suitable approach: Qualitative Risk Assessment Risk assessment can be used for different purposes.
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For likelihood, the indicators are very likely, likely, unlikely, and highly unlikely. Consequences are categorized as fatality, major or serious injury, minor injury, and negligible injury. The first measure of the risk matrix, consequences, determines the severity of injuries, while likelihood determines the probability of a person getting injured in the event of hazard exposure. A risk matrix is used to assess the consequence, likelihood, and overall risk rating of a safety hazard.