Risk managementRisk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.
Probabilistic risk assessmentProbabilistic risk assessment (PRA) is a systematic and comprehensive methodology to evaluate risks associated with a complex engineered technological entity (such as an airliner or a nuclear power plant) or the effects of stressors on the environment (probabilistic environmental risk assessment, or PERA). Risk in a PRA is defined as a feasible detrimental outcome of an activity or action. In a PRA, risk is characterized by two quantities: the magnitude (severity) of the possible adverse consequence(s), and the likelihood (probability) of occurrence of each consequence.
RiskIn simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. The international standard definition of risk for common understanding in different applications is "effect of uncertainty on objectives".
Risk assessmentRisk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. The results of this process may be expressed in a quantitative or qualitative fashion. Risk assessment is an inherent part of a broader risk management strategy to help reduce any potential risk-related consequences. More precisely, risk assessment identifies and analyses potential (future) events that may negatively impact individuals, assets, and/or the environment (i.e. hazard analysis).
Natural disasterA natural disaster is the highly harmful impact on a society or community following a natural hazard event. Some examples of natural hazard events include: flooding, drought, earthquake, tropical cyclone, lightning, tsunami, volcanic activity, wildfire. A natural disaster can cause loss of life or damage property, and typically leaves economic damage in its wake. The severity of the damage depends on the affected population's resilience and on the infrastructure available.
Reliability engineeringReliability engineering is a sub-discipline of systems engineering that emphasizes the ability of equipment to function without failure. Reliability describes the ability of a system or component to function under stated conditions for a specified period of time. Reliability is closely related to availability, which is typically described as the ability of a component or system to function at a specified moment or interval of time. The reliability function is theoretically defined as the probability of success at time t, which is denoted R(t).
Financial risk managementFinancial risk management is the practice of protecting economic value in a firm by managing exposure to financial risk - principally operational risk, credit risk and market risk, with more specific variants as listed aside. As for risk management more generally, financial risk management requires identifying the sources of risk, measuring these, and crafting plans to address them. See for an overview. Financial risk management as a "science" can be said to have been born with modern portfolio theory, particularly as initiated by Professor Harry Markowitz in 1952 with his article, "Portfolio Selection"; see .
Structural integrity and failureStructural integrity and failure is an aspect of engineering that deals with the ability of a structure to support a designed structural load (weight, force, etc.) without breaking and includes the study of past structural failures in order to prevent failures in future designs. Structural integrity is the ability of an item—either a structural component or a structure consisting of many components—to hold together under a load, including its own weight, without breaking or deforming excessively.
Disaster risk reductionDisaster risk reduction (DRR) sometimes called disaster risk management (DRM) is a systematic approach to identifying, assessing and reducing the risks of disaster. It aims to reduce socio-economic vulnerabilities to disaster as well as dealing with the environmental and other hazards that trigger them.
Civil engineeringCivil engineering is a professional engineering discipline that deals with the design, construction, and maintenance of the physical and naturally built environment, including public works such as roads, bridges, canals, dams, airports, sewage systems, pipelines, structural components of buildings, and railways. Civil engineering is traditionally broken into a number of sub-disciplines. It is considered the second-oldest engineering discipline after military engineering, and it is defined to distinguish non-military engineering from military engineering.
Emergency managementEmergency management or disaster management is the managerial function charged with creating the framework within which communities reduce vulnerability to hazards and cope with disasters. Emergency management, despite its name, does not actually focus on the management of emergencies, which can be understood as minor events with limited impacts and are managed through the day-to-day functions of a community. Instead, emergency management focuses on the management of disasters, which are events that produce more impacts than a community can handle on its own.
Structural engineeringStructural engineering is a sub-discipline of civil engineering in which structural engineers are trained to design the 'bones and muscles' that create the form and shape of human-made structures. Structural engineers also must understand and calculate the stability, strength, rigidity and earthquake-susceptibility of built structures for buildings and nonbuilding structures. The structural designs are integrated with those of other designers such as architects and building services engineer and often supervise the construction of projects by contractors on site.
Disaster recoveryDisaster recovery is the process of maintaining or reestablishing vital infrastructure and systems following a natural or human-induced disaster, such as a storm or battle. It employs policies, tools, and procedures. Disaster recovery focuses on information technology (IT) or technology systems supporting critical business functions as opposed to business continuity. This involves keeping all essential aspects of a business functioning despite significant disruptive events; it can therefore be considered a subset of business continuity.
EngineeringEngineering is the practice of using natural science, mathematics, and the engineering design process to solve problems, increase efficiency and productivity, and improve systems. Modern engineering comprises many subfields which include designing and creating infrastructure, machinery, vehicles, electronics, materials, and energy. The discipline of engineering encompasses a broad range of more specialized fields of engineering, each with a more specific emphasis on particular areas of applied mathematics, applied science, and types of application.
Structural systemThe term structural system or structural frame in structural engineering refers to the load-resisting sub-system of a building or object. The structural system transfers loads through interconnected elements or members. Commonly used structures can be classified into five major categories, depending on the type of primary stress that may arise in the members of the structures under major design loads. However any two or more of the basic structural types described in the following may be combined in a single structure, such as a building or a bridge in order to meet the structure's functional requirements.
Structural analysisStructural analysis is a branch of solid mechanics which uses simplified models for solids like bars, beams and shells for engineering decision making. Its main objective is to determine the effect of loads on the physical structures and their components. In contrast to theory of elasticity, the models used in structure analysis are often differential equations in one spatial variable. Structures subject to this type of analysis include all that must withstand loads, such as buildings, bridges, aircraft and ships.
Disaster responseDisaster response refers to the actions taken directly before, during or in the immediate aftermath of a disaster. The objective is to save lives, ensure health and safety and to meet the subsistence needs of the people affected. This includes warning/evacuation, search and rescue, providing immediate assistance, assessing damage, continuing assistance and the immediate restoration or construction of infrastructure (i.e. provisional storm drains or diversion dams).
DisasterA disaster is a serious problem occurring over a period of time that causes widespread human, material, economic or environmental loss which exceeds the ability of the affected community or society to cope using its own resources. Disasters are routinely divided into either "natural disasters" caused by natural hazards or "human-instigated disasters" caused from anthropogenic hazards. However, in modern times, the divide between natural, human-made and human-accelerated disasters is difficult to draw.
Operational risk managementOperational risk management (ORM) is defined as a continual recurring process that includes risk assessment, risk decision making, and the implementation of risk controls, resulting in the acceptance, mitigation, or avoidance of risk. ORM is the oversight of operational risk, including the risk of loss resulting from inadequate or failed internal processes and systems; human factors; or external events. Unlike other type of risks (market risk, credit risk, etc.) operational risk had rarely been considered strategically significant by senior management.
Structural engineerStructural engineers analyze, design, plan, and research structural components and structural systems to achieve design goals and ensure the safety and comfort of users or occupants. Their work takes account mainly of safety, technical, economic, and environmental concerns, but they may also consider aesthetic and social factors. Structural engineering is usually considered a specialty discipline within civil engineering, but it can also be studied in its own right.
