6.2.1 Probabilistic risk assessment

In probabilistic riskConcept that denotes the product of the probability of a hazard and the subsequent consequence of the associated event assessments, explicit probability distributions are used for some (or all) parameters. The required probability distributions may be derived directly from data or may involve formal quantification of expert judgements (Morgan and Henrion, 19991999 - M. G. Morgan and M. HenrionUncertainty: A guide to dealing with uncertainty in quantitative risk and policy analysissee more). However, probabilistic riskConcept that denotes the product of the probability of a hazard and the subsequent consequence of the associated event may require a simplification of models because of limitations on available computing resources (IPCCIntergovernmental Panel on Climate Change, 2005) to answer the issue regarding uncertainty vs. parameter uncertainty (e.g. detailed assessment with a coarse model vs. investigation of a few parameter values with a detailed model). Probabilistic riskConcept that denotes the product of the probability of a hazard and the subsequent consequence of the associated event typically requires a mix of objective and subjective data that allows ranking of issues and results through an integrative and quantitative approach including explicitly uncertainties (CSLF, 20092009 - CSLFPhase I Final Report from CSLF Risk Assessment Task Forcesee more).