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example, in human terms the loss of life, serious injury, and serious illness
etcetera. If we considered the loss in financial terms then cost to replace the
equipment, cost of shut down or the down time etcetera; if you look at the loss
in legal terms it can be assist as claims, insurance, liability etcetera.
Acceptable Risk
Risk is acceptable to regulatory agency and also to public. Level of human
and/or material injury or loss from an industrial process that is considered to be
tolerable by a society or authorities in view of the social, political, and
economic cost-benefit analysis.
17.Explain about safety assurance and safety assessment methods
The purpose of Safety Assurance is to evaluate the overall effectiveness of risk
controls and safety management system The organization should be monitoring
your systems and operations to ensure that new hazards are identified, ensure
compliance with regulatory requirements applicable to the SMS, and ensure that
your Safety Assurance function is based upon the comprehensive system
description as described in the System and Task Analysis Process. And Safety
Assessment method
18.What are goal setting regimes and rule based regimes?
The goal setting regimes are listed below
Duty holder assesses risk
It should demonstrate its understanding
It should controls cover management
Keeps pace with new knowledge
Opportunity for workforce engagement
The rule based regimes are listed below
Legislator sets rules
Emphasizes compliance rather than outcomes
Slow to respond
Less emphasis on continuous improvement
Less work force involvement
Hazard
Score
Control
Score
Property
Value
(x 103 )