1. Produced by MEI on behalf of OCR © OCR 2013 Introduction to Quantitative methods Assessing risk © OCR 2014

2. Produced by MEI on behalf of OCR © OCR 2013 Risk Risk is a combination of two factors: The probability an event will occur. The impact (or consequence) of that event. © OCR 2014

3. Produced by MEI on behalf of OCR © OCR 2013 Risks may have high impact but a low probability of happening: If you went for a walk to your local shop you wouldn’t worry about being an asteroid hitting you. This would be very unlikely but would have huge consequences – you might die. You might worry about it raining. This might be quite likely, but you would only get wet. © OCR 2014

4. Produced by MEI on behalf of OCR © OCR 2013 Risk assessments When students are taken on trips teachers need to fill in a risk assessment, based on hazards that might be met. The risk assessment takes account of the probability of something happening and the impact of the event happening. © OCR 2014

5. Produced by MEI on behalf of OCR © OCR 2013 Risk Diagram © OCR 2014 Probability Impact Medium Risk High Risk Low Risk

6. Produced by MEI on behalf of OCR © OCR 2013 Low risk: low probability and low impact Example: catching your clothing on a nail at college and tearing them High risk: high probability and high impact. Example: driving after a lot of drinks and having an accident. © OCR 2014

7. Produced by MEI on behalf of OCR © OCR 2013 Medium Risk: low probability and high impact or high probability and low impact. Examples: a marathon runner having a heart attack. : going for a walk in spring and it raining. © OCR 2014