Understanding Risk and Hazards

A set of flashcards designed to help students understand key concepts related to risk, hazards, and the psychological biases that affect risk assessment.

Risk

The potential for an unwanted outcome resulting from an incident, event, or occurrence, as determined by its likelihood and associated consequences.

Hazard

A natural or man-made source or cause of harm or difficulty that is typically unintentional.

Threat

A natural or man-made occurrence, individual, entity, or action that has the potential to harm.

Likelihood (L)

The probability or frequency of a hazard occurring within a given timeframe.

Consequence (C)

The outcome of an event or hazard that may cause harm, loss, or disruption.

Quantifying Risk

R = L x C; where risk equals likelihood times consequence.

Cognitive Bias

A systematic pattern of deviation from norm or rationality in judgment, often leading to illogical conclusions.

Optimism Bias

The cognitive bias that causes someone to believe that they are less at risk of experiencing a negative event compared to others.

Availability Heuristic

A mental shortcut that relies on immediate examples that come to mind when evaluating a specific topic, concept, method, or decision.

Affective Heuristic

A mental shortcut where people rely on their immediate emotions to make judgments or decisions, often overriding careful analysis.

Voluntary Risk vs. Involuntary Risk

Voluntary risks are accepted by individuals personally, whereas involuntary risks are imposed on individuals without their consent.

Natural Disasters

Severe and extreme weather and geological events that can cause significant damage and loss of life.

Cognitive Biases in Risk Assessment

Various psychological tendencies that affect people's perception and understanding of risk.

Assessment of Risk

The process of determining the potential for negative outcomes based on the likelihood and consequences of various hazards.

Disruption of Government

The interruption or hindrance of government functions and services as a consequence of a disaster.

Societal Disruption

The breakdown of social structures and communities as a result of disaster events.

Economic Disruption

The disturbance to economic activity due to a disaster, leading to financial losses and hardships.