Quantitative Risk Assessment Methodology

Definition(s)


Quantitative Risk Assessment Methodology

Set of methods, principles, or rules for assessing risks based on the use of numbers where the meanings and proportionality of values are maintained inside and outside the context of the assessment

Sample Usage: Engineers at the plant used a quantitative risk assessment methodology to assess the risk of system failure.

Annotation: While a semi-quantitative methodology also involves the use of numbers, only a purely quantitative methodology uses numbers in a way that allows for the consistent use of values outside the context of the assessment.

Source: DHS Risk Lexicon, U.S. Department of Homeland Security, 2010 Edition. September 2010 Regulatory Guidance