Acceptable Risk: A Need for Periodic Review

Abstract

From time to time, in designing or assessing the adequacy of facilities to withstand the damaging effects of natural hazards, it is appropriate to reexamine the topic of acceptable risk. This paper has been prepared in the spirit of addressing that topic, albeit generally and briefly. The writers summarize broadly many of the elements that typically go into the making of an assessment of risk, irrespective of the type of applicable natural hazard (earthquake, tornado, high wind, landslides, flood, etc.). Based on their experience, the writers have chosen to focus their attention on the factors that enter into a fundamental assessment of one hazard only, seismic risk, in turn directed to supporting judgment regarding acceptable risk. Similar procedures would be followed for other natural hazards regarded singularly or a combination of hazards as the individual situation may require. The paper ends with a brief discussion of some of the alternative action options available to the owner/operator of a facility and the means by which an optimum acceptable risk decision can be crafted.