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

 

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