Posts Tagged ‘terminology’

What is Harm, Hazard and Risk?

Harm – Physical injury and/or damage to the health of people or damage to property or the environment.

 

Hazard – A possible source of harm

 

Risk – It is the combination of the probability of occurrence of harm and the severity of that harm. Risk has following three primary components:

  • A hazard
  • Probability of the hazard occurring (likelihood)
  • Potential impact of that hazard (severity).

 

 

 

 

What is Risk Management?


Risk Management is an iterative process to meet compliance requirements. It is based on international standards and regulatory guidance, which provide systematic approach to implement risk management within a project.

Broadly, risk management process can be classified and sub-classified as follows:

  1. Risk Assessment
    1. Risk Identification
    2. Risk Analysis
    3. Risk Evaluation

 

  1. Risk Control
    1. Risk Reduction/Mitigation
    2. Risk Acceptance

 

  1. Risk Review

What is a Record?

 

Record is a specific piece of information produced or received in the initiation, conduct or completion of an activity. It comprises sufficient content, context and structure to provide evidence of the activity.

It is not ephemeral i.e. it contains information that is worthy of preservation in the short, medium or long term.

 

 

What is a Document?

Document is a container that holds a collection of information. This information may be structured, semi-structured or unstructured.

The world of business and government is based around documents. Transaction documents record transactions of one sort or another and often, therefore, have a commercial and legal value.

Reference documents have a knowledge management (KM) value and are published and referred to by professionals as a source of knowledge.