Quantitative risk estimation

Risk in the context of safety can be defined as a measure of the fatalities and weighted injuries (FWIs) that are estimated to occur per year.

Can be calculated as the product of how often an event is likely to occur per year (the event frequency) and the consequences (injuries, fatalities or incidents of shock / trauma) that could arise should an event occur, that is:

Frequency of an accident (resulting from a hazard)	The consequences of the accident	Collective Risk
e.g. events / year	e.g. expected FWIs / event	e.g. expected FWIs / year