How are hazards assessed in Risk Management?

Hazards are assessed in Risk Management by determining their risk in terms of probability and severity. This approach focuses on analyzing the likelihood of a hazard occurring and the potential impact it could have if it does occur. By clearly evaluating both the probability (how likely it is that a hazard will happen) and the severity (the extent of harm it could cause), leaders can prioritize risks and implement appropriate controls or mitigations. This structured assessment helps ensure that resources are allocated effectively to address the most significant threats, thus enhancing safety and operational effectiveness.

The other choices lack the methodology needed for a thorough hazard assessment. For instance, ignoring impacts overlooks the potential consequences of hazards, while guessing at severity does not provide a reliable basis for decision-making. Lastly, discussing hazards casually fails to recognize the structured approach required for proper risk assessment and management.