Definition(s)
Risk Optimization
Process, related to a risk, to minimize the negative and to maximize the positive consequences and their respective probabilities.
Other Related Terms and Definitions:
ISO Guide 73 – Process, related to a risk, to minimize the negative and to maximize the positive consequences and their respective probabilities.
Source: International Association of Drilling Contractors, Appendix 2 to Health, Safety and Environment Case Guidelines for Offshore Drilling Contractors, Issue 3.3.2, February 2010. IADC Guidelines