Complete Solutions Graded A+
Engineering Definition of Risk AKA _______________________ - Answer: Probability Model of Risk
Engineering Definition of Risk Formula - Answer: Risk=sum{(probability of event)(consequences)}^i
Engineering Definition of Risk - Answer: Product of the likelihood of an event & the magnitude of the
resulting harm
When using Engineering definition of risk, one must be cautious not to
_______________________________________________ - Answer: Quantitatively compare or add risk
quantities that have different units
4 limitations to probabilistic definition of risk - Answer: Utilitarian
Not risk averse
Not probabilistic
Cannot explain how risk is perceived by the public (car crash vs. nuclear meltdown)
Utilitarian - Answer: Calculates magnitude of risk in terms of EXPECTED consequences.
Limits of Utilitarianism - Answer: Cost/benefits distributed unjustly, expected outcome doesn't equal
actual outcomes, permits us to do counterintuitive things.
Limits of not risk averse - Answer: Does not tell you to avoid risk of a certain magnitude
Limits of not being probabilistic - Answer: Can't assume the event in question has a known probability
(never happened before)
Conditions of _________ risk usually vary based on ______________ - Answer: Acceptable
,Perspective
Engineers focus on the __________ issues of the probability & magnitude of harm and contains no
_____________ evaluation of whether a risk is morally acceptable - Answer: factual
implicit
In order to determine whether a risk is acceptable, engineers and risk experts considering engineering
solutions often use a ________________ that is fundamentally a _____________ approach. - Answer:
cost-benefit analysis
Utilitarian
According to _____________, an acceptable risk is one in which the product of probability and
magnitude of the harm is ____________ or ___________ by the product of probability and magnitude
of the benefit. - Answer: Engineers
Equaled
Exceeded
The engineering conditions of acceptable risk is very ____________ - Answer: Utilitarian
Limitations to the acceptable risk model are ___________ to the limitations of the probabilistic model of
risk - Answer: Closely related (both utilitarian)
Limitations of acceptable risk model - Answer: Can't always anticipate all effects/consequences (cost-
benefit analysis will be unreliable).
Certain kinds of value don't seem measurable in monetary terms (human life).
Makes no allowance for the distribution of costs/benefits (only considers net benefits).
Gives no place for informed consent.
Informed consent - Answer: Permission granted in the knowledge of the possible consequences,
typically that which is given by a patient to a doctor for treatment with full knowledge of the possible
risks and benefits.
, Layperson - Answer: A person without professional or specialized knowledge in a particular subject.
Voluntary assumed risk - Answer: Risks which an individual knowingly takes on and accepts, as opposed
to an uncertain risk involuntarily imposed on them.
Free and Informed Consent and Equity and Justice - Answer: People tend to see risk as more acceptable
when they freely consent to the risk, and are informed about it. Additionally, people tend to be willing
to assume more risk when they are justly and equitably recompensed for it.
Definition of acceptable risk from the "respect for persons" approach to ethics, which is more Kantian in
nature: - Answer: "An Acceptable Risk is a risk that is freely assumed with informed consent or properly
compensated..." (Harris et al) When imposing a risk on others, we are not permitted to treat them in a
way they would not consent to, or rational people could not consent to.
Perceived Risk AKA __________ - Answer: Subjective Risk
Actual Risk AKA __________ - Answer: Objective Risk
Perceived Risk - Answer: People perceive risk differently depending on how they perceive the risk to
themselves (the likelihood that an event will happen to them)
Actual Risk - Answer: The risk of an event actually happening at all
Precautionary Principle - Answer: Where there are threats of serious or irreversible damage, lack of full
scientific certainty shall not be used as a reason for postponing cost-effective measures to prevent
environmental degradation.
4 dimensions of precautionary principle - Answer: If there is a THREAT, which is UNCERTAIN, then some
kind of ACTION is MANDATORY.
There is a ________ (pertaining to our knowledge) and __________ (pertaining to what we are required
to do) element to the precautionary principle - Answer: Epistemic
Normative