Risk

n. Expected net loss per unit time

 

  • Discussion

 

In the context of wildland fire management, the term risk has been used in reference to mean many different concepts. FireWords defines risk in the context of technical risk assessment so that wildland fire risk can more readily be compared to risks due to other natural events.

 

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Risk is the expected value of net loss due to a phenomenon. Net loss means loss minus benefit; some phenomena (like wildland fire) confer benefits as well as losses.

 

In some papers, risk has simply meant probability -- fire risk would be simply the probability of a fire occurring. In FireWords terminology, risk is coupled with potential for loss, and probability of an event is just that -- probability.